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Auburn School District: Bond sales save taxpayers $3.2 million
For the Reporter
The Auburn School District has refinanced outstanding bonds, resulting in a total savings to taxpayers of $3,263,803 this past year.
The district said it recently took advantage of favorable municipal bond market conditions and sold approximately $45 million of bonds for the Auburn High School Modernization and Reconstruction Project. The bonds were sold on Jan. 29 at an interest rate of 3.4 percent.
Due to favorable market conditions, the district also refinanced approximately $3.3 million of outstanding bond debt. The actual savings totaled 6.86 percent, which equates to almost $250,000.
"This is great news for our taxpayers. With these favorable market conditions, we were able to exceed our saving expectations in both the refinancing of the prior bonds and the future savings due to lower interest rates on the remaining bonds for the Auburn High School project," said Mike Newman, school district deputy superintendent.
Moody's Investors Services also reaffirmed the district's bond rating as Aa2. This strong rating is attributed to the district's excellent financial management, growing tax base, higher than average wealth levels and moderate debt levels.