PfISD Chief Financial Office Kenneth Adix said the district set the debt-service tax rate at $0.50 per $100 valuation in 2012, which allows them to pay off more of the bond than what is required.
"That additional money, just like tonight when the board approved roughly $9 million, that allowed us to pay off the bond earlier, and when you pay the bond earlier you're not incurring that interest," he said. "Had we not done this, the interest would have ran to about 2033. So it's 20 years worth of interest we're not incurring."
Adix said the district has been defeasing debt since 2013.
"By doing that each year it becomes synergistic because the less debt you have the less interest you have to pay and it puts you in a better position over time," he said.
Trustee Carol Fletcher said when the district raised the debt service tax rate from $0.44 to $0.50 per $100 valuation they received pushback from some members of the community, but it has put the district in a position to pay back debt quicker.
"There are districts that have found ways to never raise taxes, and they are in a much worse long-term financial position," Fletcher said.