The refunding and sale of $10.65 million in bonds will save Comstock Park Public Schools taxpayers more than $1.684 million.
The refinanced 2005 bonds were sold at a true interest cost of 1.51 percent. The original bonds had an average interest rate of 4.83 percent.
“The savings we have secured will directly benefit our taxpayers for the next 15 years. We are fortunate to have been able to complete this refinancing and bring this good news to the Comstock Park Community,” said Superintendent Ethan Ebenstein.
As part of the bond issuance process, Standard & Poor’s Ratings Services reviewed the School District’s financial condition and assigned its “A” credit rating. The quality of the credit rating directly impacts the marketability of the bonds. In its report, S&P cited a strong local economy, good budget flexibility and a stable tax base as strengths of the District.