WOODRIDGE REFINANCES BONDS TO SAVE TAXPAYERS $1 MILLION
The Woodridge Local School District Board of Education and leadership team is always looking for ways to stretch district resources and save taxpayers money.
Recently, the Woodridge Local School District met with advisors to review options related to the construction bonds that were issued to build the new Woodridge Elementary School. As part of the process, district officials then met with Moody`s Investors Services to secure an updated bond rating, several years after the original bond issue. Despite "negative outlook" ratings across the world due to the COVID—19 pandemic, Moody`s continues to be impressed with the fiscal affairs of the Woodridge Local School District. In this process, Moody`s reaffirmed our Aa2 bond rating and removed the negative outlook from our portfolio derived from the pandemic due to the strong financial backing of the community and the solid financial reporting and audits of the district.
The district originally issued $33,500,000 in bonds in 2016. With the updated rating, Woodridge was able to refinance $9,150,000 worth of the highest interest bonds at lower rates. By refinancing these bonds, the district was able to save taxpayers $1,002,380.52 in interest cost over the life of the bonds. This million dollar savings is not money in the bank for the district. It is $1 million less that taxpayers will have to pay.
"We more than appreciate the support of our community and we are always looking for ways to support them back," said Woodridge Local School District Treasurer, Tom Morehouse.
Morehouse also indicated that district officials will continue to monitor market conditions for additional opportunities to save money.