Ground breaks this June for the new science wing at Rye High, funded by some cheap money. If you want to know more about our AAA Moody's rating, read the full report.
Here is the story on the $16 million:
District Achieves Savings through Refinancing Bond Issuance
The Rye City School District has issued $16,350,000 in serial bonds at an interest rate of 2.63%, which is significantly lower than the 3.5% rate that the District estimated for the bond cost for the referendum in 2012. This low interest rate, which came from bidder Roosevelt & Cross, will lower the debt cost for twenty years.
Thanks to the District’s excellent Aaa bond rating on the issuance, the low interest rate was achieved despite the fact that municipal bond rates have risen in recent months.
This news follows that which was shared last week, when the District was notified that it has retained its Aaa Bond Rating from Moody’s Investors Services, which will keep borrowing costs low, saving significant taxpayer dollars over the life of the bond.
“On behalf of the Board, I would like to thank Superintendent of Schools Dr. Frank Alvarez and Assistant Superintendent for Business Kathleen Ryan for their work in achieving this lower interest rate,” stated Board of Education President Laura Slack. “We are looking forward to breaking ground this June on our new state of the art science wing at Rye High School, which will be built at a lower taxpayer cost than expected. We would like to thank the community for their continued support of the Rye City School District. In these difficult financial times we have been able to maintain our premier educational program which will be further enhanced by the science labs."