February 2, 1998
Northshore saves taxpayers $1 million
Taking advantage of some of the lowest interest rates in 30 years, the Northshore School District refinanced $19.2 million of the district's 1994 bonds. The result is a savings to taxpayers of approximately $1 million. Savings from the refinancing will result from lowered tax collections necessary for the interest payments from the district's Debt Service Fund.
To sell or refinance bonds, a school district's bond rating must be re-evaluated. Northshore is one of only nine school districts in the state to have been awarded an "Aa3" rating by Moody's Investor Service in New York. This rating recognizes Northshore's solid financial position, strong management, and manageable debt position. Moody's commented on the district's ability to make a plan and stick to it, the quality of communication between staff and Board, and the commitment to written policies for balanced budgets and reserve levels.