I'm happy to announce that yesterday, the District issued $30,455,000 of 2017 General Obligation Refunding Bonds. Proceeds of the bonds will be used to redeem bonds previously issued by the District in March 2010. The transaction allows the district to take advantage of low interest rates to reduce taxpayer payments by $3.29 million over time.
Our voters have been very generous with us over the years. We want them to know that we appreciate their support and this transaction gives us an opportunity to demonstrate that in a tangible way.
A highlight of the transaction was the strength of the credit ratings - as you know, the bonds were rated triple-A by both Moody’s Investors Service and Standard & Poor’s Ratings Group. There are only six other school districts in the State whose bonds receive the top ratings from both agencies.
Given the timing of the transaction, local residents should expect to see reductions in the tax rates related to the district’s bonds beginning in the 2018-19 tax year.