Board maintains strong credit rating, reduces the community’s debt burden

Last month, the District was notified from Standard & Poor’s (S&P) that we maintained our strong credit rating of AA+, their second highest rating. The District’s credit rating, according to S&P, is a result of gradual improvements in the District’s economic metrics, a steady improvement in its available reserve position and a moderate overall net debt burden.

Ultimately, the strong credit rating led to a favorable interest rate when issuing refunding bonds earlier this week to restructure our debt. This debt restructure was the fourth and final phase of a plan that began in 2014, with the goal of lowering interest rates and managing future annual taxpayer debt burden. The final phase bond sale produced a net present value savings of $5.3 million, which when added to the prior three phases, eliminated nearly $10 million of debt taxes. The Board remains committed to collaborating with the community to spend efficiently and relieve taxpayer burden when possible.