Bill Davis reports on $40M bond sale success for Arizona school district
October 22, 2024 | Flagstaff Unified District (4192), School Districts, Arizona
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Davis highlighted the competitive nature of the bond sale, noting that 14 underwriting firms submitted bids, reflecting strong demand for the district's bonds. The winning bid resulted in a favorable true interest cost of 3.69%, which is beneficial for taxpayers as it allows for tax-exempt borrowing. This lower interest rate is expected to help maintain a lower tax rate for district residents.
The projected tax rate for the current fiscal year is just under 60 cents, significantly lower than the estimated 64 cents provided to voters in 2022. This positive outcome is attributed to a combination of low interest rates and robust growth in the district's economic base, which has increased assessed property values.
Looking ahead, the district plans to conduct two more bond sales, with expectations that the tax rate will remain below 62 cents. Davis emphasized the district's strong financial management and the importance of efficiently utilizing the funds from the bond sales to support ongoing improvements. The meeting concluded with a sense of optimism about the district's financial future and its ability to meet community needs.
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