School District Refinancing of High School Renovation Bonds a Success

At the October 19, 2020 School Board meeting the Board voted to refinance the District’s General Obligation Bonds, Series of 2013 that were issued as part of the High School renovation.  The bond auction took place on October 21 and was very competitive and very successful for the District. The final savings was $5,884,811 taken over the next 7 years. The District will save $599,338 in the 20-21 fiscal year, around $800,000 for the next 6 fiscal years, and $405,475 in the 27-28 fiscal year.  The present value savings was just shy of 18%.  The final all-in interest rate is 2.00%. Equated to millage, $800,000 is just over 0.30 mills in savings for the 2021-2022 budget.  Also, in preparation for the bond sale, Moody's issued the District a rating of Aa1, which continues to be the highest school rating in Western PA and reflects the District's solid financial position.