BELTON, Texas (KWTX) The Belton ISD has completed the sale of $130 million in bonds as part of a $150 million bond issue authorized by voters in May 2017 for construction of a new high school and elementary school and renovation of two existing facilities.

Initially, the district planned to issue the bonds in two phases staring in 2017 with the sale of $100 million in bonds followed by the sale of $49.7 million in bonds in 2019, but with interest rates below 10-year averages, the Belton School Board authorized a larger initial issue.

“We work closely with our financial advisor to monitor the market,” Superintendent Susan Kincannon said.

“The larger initial bond issue gave us an opportunity to lock in a low interest rate now and to reduce the potential cost to taxpayers if interest rates rise in the next two years.”

Belton ISD taxpayers will be hit with a smaller than expected tax increase, the district said.

In the run-up to the bond election, the district estimated an increase of 18.69 cents per $100 valuation, but the actual increase will be 16.3 cents.