Bond refinancing saves GISD taxpayers more than $20 million
They say that timing is everything.
That is certainly the case for the refinancing of Greenville ISD’s bonds, a move that will save taxpayers more than $20 million.
“There is a high demand for low-risk bonds right now, which works in our favor,” Greenville ISD Chief Financial Officer Sherry Dodson said. “The market conditions are ideal for us, which will allow us to pay off debt and plan for the future.”
SAMCO Senior Managing Director Doug Whitt worked closely with GISD on the timing of the bond sales, and he presented the opportunity in detail at the July 21 board meeting.
“The trustees are committed to fiscal stewardship, and they quickly understood the interest cost savings and took action,” said Superintendent Dr. Demetrus Liggins. “They unanimously approved the refunding of the remaining $62.5 million in bond debt from the taxpayer-approved 2014 bond issue.”
In other financial news, GISD earned the top possible rating of AAA from Moody’s Investor Services. Securities are assigned a rating from AAA to C, with AAA being the highest quality and C being the lowest quality.