Carroll ISD families stand to benefit from more than $4.8 million in combined savings after trustees approved a new refinancing strategy at their Monday, Aug. 3 meeting in Southlake.

The board authorized the sale of up to $15 million in unlimited tax refunding bonds, a move Deputy Superintendent for Business and Finance Chase Park said will save the district $4 million in interest expenses and unlock roughly $809,000 in additional state aid.

It's a first for the district.

The difference comes down to how Carroll ISD retires old debt. In past years, the district used a defeasance resolution, which sets aside money to pay off bonds but does not count as a scheduled debt service payment.

That distinction matters because the state calculates aid based on scheduled payments tied to an increased homestead exemption.

"The goal is to refund the debt to include a new debt service payment in fiscal year 2027 in order to capture the full amount of the state funding that we are authorized," Park said at the meeting, reported by Community Impact.

By issuing refunding bonds instead, the district creates a new debt service payment for fiscal year 2026-27 that qualifies for the state funding. Had trustees chosen the traditional defeasance route, Carroll ISD would have forfeited the $809,000, Park said.

The board agenda lists the item as a discussion and action item presented by Park at the Carroll ISD Administration Center, 2400 N. Carroll Ave. Board President Cam Bryan presided over the meeting, which also included action on the 2026-27 Employee Handbook and Student Code of Conduct.

The bonds mature April 15, 2027. Pricing is expected before trustees formally adopt the tax rate for fiscal year 2026-27, though the district has not announced a date for that vote. Carroll ISD holds a general board election Nov. 3 for Places 1, 2 and 3 on the Board of Trustees.