Action save $1 million in Prescott Ellsworth’s strong credit lauded The Prescott School Board took action on historically low interest rates last week to refinance three of its school bonds. The …
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Action save $1 million in Prescott Ellsworth’s strong credit lauded
The Prescott School Board took action on historically low interest rates last week to refinance three of its school bonds. The decision on the voter-approved bonds (2012, 2014, and 2015) will save district taxpayers nearly $1 million over their course of issuance.
“Demonstrating financial stewardship of our taxpayers’ investment to provide students with optimal learning opportunities is a top priority of our school board,” stated Dr. Rick Spicuzza, district superintendent.
The district’s fiduciary, Baird Financial, presented the opportunity for refinancing at the Annual Meeting in
See PRESCOTT, Page 9 August. The school board, administration, and district financial coordinator, Renee Peterson, were in close communication with Baird representatives to ensure they locked-in at the lowest possible rate of 1.88%. The overall interest rate prior to refinancing on district bonds was 3.55%.
This spring, the district paid a bond off early, demonstrating its sound financial management of taxpayer funds. Moody recently reaffirmed the School District’s fiscal rating of AA3.
