The District recently received extremely competitive bids for its first bond issuance securing an interest rate of 2.89% for the initial 51+ million dollars of bonds. The low interest rate was due in large part to the District’s coveted AA credit rating which was recently assigned by Standard and Poor’s based on the District’s financial strength, consistent tax base, and the economic diversity of the region.
At the time of the election, a conservative estimate of a 3.7% interest rate was assumed. The low 2.89% rate will result in the taxpayers saving over $5.1 million over the life of the note. Voters approved the issuance of up to $85 million in bonds to fund both rehabilitation and new construction projects. Monthly updates are posted to our project page so you can keep abreast of how the District’s work is progressing.