Auburn School District sells bonds in favorable market to launch high school project
January 14, 2013 · 9:55 AM
The Auburn School District recently took advantage of favorable municipal bond market conditions and sold approximately $59 million of bonds to launch phase one of the Auburn High School Modernization and Reconstruction Project.
The bonds were sold on Jan. 8 during all-time low 2.7-percent interest rates.
The school district also refinanced approximately $19 million of outstanding bond debt. The actual savings totaled 13.29 percent, which equates to more than $3 million. This exceeded the savings target of 7.5 percent set by the Auburn School Board.
The high school project officially kicks off with a groundbreaking ceremony at 1:30 p.m. Sunday, Feb. 24, in the Auburn Performing Arts Center parking lot, 700 E. Main St.