At Tuesday night's Board of Ed meeting the Rye City School District will announce that it continues to hold a AAA Bond Rating from Moody's. The rating will apply to $16.35 million in bonds for financing high school improvements. Here is the announcement:
Rye City School District Continues to Hold Most Favorable Bond Rating
The Rye City School District was notified on May 7 that it has retained its Aaa Bond Rating from Moody’s Investors Services, which will keep borrowing costs low, saving significant taxpayer dollars.
The excellent bond rating indicates that the District is in a healthy financial position with strong fiscal management. The rating has been assigned to the District’s $16.35 million in School District Serial Bonds for 2013.
“Our Board and Administration have worked hard to achieve this rating,” stated Superintendent of Schools Dr. Frank Alvarez. “The Aaa rating is good news for our District and our taxpayers; bond proceeds will be used for the High School addition project, and lower borrowing costs will result in greater savings for taxpayers.”
According to the Moody’s report, “the Aaa rating reflects the District's healthy financial position with ample reserves, sizeable and affluent tax base and favorable debt profile.”
“On behalf of the Board, I would like to thank Dr. Alvarez and Assistant Superintendent for Business Mrs. Kathleen Ryan for again ensuring that the District has secured the highest rating from Moody’s,” stated Board of Education President Laura Slack. “The hard work of the administration and the Board translates to actual savings for our taxpayers, as we will receive the best possible terms for our High School capital project.”