In the spring of 2016, under direction from the Board of Directors, Deer Park School District explored options for refinancing existing bond debt in an effort to secure savings for district taxpayers. In the past 36 months, the municipal bond market has experienced one of the most volatile periods in recent history – creating a favorable market for refinancing. To initiate the process, the District approached Moody’s Investors Service for a bond rating in the spring of 2016. The results of the bond rating process proved to be favorable. The District’s financial management, growing tax base, and moderate debt levels were key elements that contributed to the affirmation of the District’s final “A1” bond rating.
We are pleased to announce that in taking advantage of these positive municipal bond market conditions as well as the strong bond rating, the district was able to secure debt service savings to the taxpayers of $800,593.76 over the remaining life of the bonds (through December 1, 2024). The favorable market conditions and the stable bond rating contributed to the exceptionally low interest rates for the bonds. When combined with savings realized in refinancing completed in 2012, the most recent bond refinancing brings the total savings to the taxpayers to an amount totaling $1,495,737.
The district is committed to fiscal responsibility and is always looking for ways to ensure we are being excellent stewards of taxpayer monies. We truly appreciate the support of our community and always welcome your questions and comments regarding the programs, services, and facilities that exist to educate our young people.
Final 2016 Refunding Results: