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District finance director reports finalized bond deal, debt extended to 2057 and near-term savings
Summary
The district’s finance presenter told the Committee of the Whole the finalized bond issue reduced capitalized interest by about $490,000 and lowers near-term annual debt service by roughly $226,000 while extending the repayment schedule to about 2057; officials said refinancing and future rate drops could free funds for school renovations.
The finance presenter told the Elizabeth Forward School District Committee of the Whole on Oct. 8 that the district’s final bond deal produced modest near-term savings while extending the district’s repayment timeline.
“Our capitalized interest went down $490,000,” the finance presenter said, adding the district’s average annual debt service dropped by about $226,000. He said the financing pushes the district’s debt service out to about 2057 but that the district expects the investment to…
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