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Lantana bond refunding means savings

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Photo by Bill Castleman
Photo by Bill Castleman

Taxpayers in Fresh Water Supply District #6 will save over $817,000 in interest costs when Lantana refinances $7.4 million in long-term debts issued in 2005 and 2007 to pay for utility projects.

The process, similar to refinancing a mortgage to get lower rates and save money, was approved by FWSD #6 board members at their April meeting.

“The board is doing a great job. Over the last two years they have saved taxpayers over $2 million,” said Richard Harned, Lantana Controller.

The district’s bond advisor is Dallas-based First Southwest Company, LLC, one of the country’s largest investment banks.

The process of issuing bonds to reimburse the developer after they build out the infrastructure in each of Lantana’s subdivisions is highly regulated by the Texas Commission on Environmental Quality and the Texas Attorney General.

After the latest refunding, there will be $52.8 million in principal debt remaining, said Harned.

“The board worked hard with staff and the financial team to get this done and looks forward to more opportunities to find savings,” said FWSD #6 president Kurt Sewell.

Lantana homeowners pay a property tax rate of $1 per $100 of valuation which remains unchanged since the inception of the development in 1999.

The bulk of the tax rate, 87 cents out of a dollar, goes towards paying off the bonds that were used to build Lantana’s infrastructure.

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  • Zblaze

    Love to see this “savings” passed onto the home owners of Lantana. We pay a premium to live here in Lantana when it comes to “Tax’s”.

    Tax rate on a $300K home in Lantana vs surrounding community’s. Tax rates from DCAD 2016.

    Community. Tax rate. Taxs

    Lantana. 2.80 $8400
    Argyle. 2.23. $6690
    Bartonville. 2.02. $6060
    Cooper Canyon. 2.04. $6120
    Denton. 2.49. $ 7470
    Flower mound. 2.18. $6540
    Highland Village. 2.31. $6930

    So without question we pay the highest tax’s in the area. So I would expect any “savings” to be passed onto the residents of lantana. The Denton County Appraisals Office does not set your tax rate! It’s your ELECTED OFFICALS! Hold ther feet to the fire if you want to see any changes.

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