District officers state that the transfer will save taxpayers $2.5 million
Ridgefield College District has efficiently taken benefit of present low bond rates of interest to save lots of taxpayers greater than $2.5 million over the subsequent 10 years. A sale of bonds approved by the district’s Board of Administrators will refinance bonds issued in 2012 that financed renovations and an growth at Ridgefield Excessive College and expansions on the district’s two elementary faculties, Union Ridge and South Ridge elementary faculties. The general borrowing fee for the brand new bonds bought on September 20 is 3.08 p.c, in comparison with the earlier fee of 4.52 p.c.
“It is a nice alternative to save lots of our taxpayers a big sum of money,” stated Superintendent Dr. Nathan McCann. He emphasised that the anticipated financial savings will go on to taxpayers via decrease future tax collections. “This cash will now keep in our group and native financial system somewhat than pay curiosity on bonds.”
Though there was substantial volatility within the bond market over the previous couple of months, the rates of interest on a majority of these bonds are nonetheless comparatively low, which allowed the refinancing to exceed the board’s financial savings goal, in keeping with Paula McCoy, the district’s govt director of Enterprise Providers. “We’ve got been monitoring the market carefully over the previous 12 months to establish the most effective alternative to refinance the district’s 2012 bonds. We’re very blissful to have the ability to present important financial savings to the district taxpayers,” McCoy stated.
As a part of the sale, the district obtained a robust credit standing of “Aa3” from Moody’s Traders Service. Moody’s famous the district’s voter help for working levies amongst credit score strengths, but in addition famous the latest bond measure failures “have the potential to escalate as a credit score problem given the speedy pupil enrollment development and facility wants.”
“This refinancing is yet one more technique to show to our group our dedication to fiscal stewardship of the funds entrusted to us,” stated Joe Vance, president of RSD’s Board of Administrators. “We wish our group to know that we do every thing we will to reduce the prices of our bonds.”
Info offered by Ridgefield College District.