Garrison Bond Refinancing Saves $342,201 over 10 Years

Bond rating raised to AA+

The Garrison Union Free School District saved $342,201 by refinancing two outstanding bonds from 2002, district officials announced Dec. 10.  This represents an overall savings of 7.21 percent.  The two bonds, totaling $4,170,000, were originally issued to fund construction of the Middle School addition.

In part, the savings reflect Standard and Poor’s upward revision in the district’s bond rating from Aa2 to AA+,  the highest a school district of Garrison’s size can achieve. Garrison Superintendent, Gloria Colucci said that the district decreased the interest ratefrom 4.67 to 2.789 percent. “Thanks to all of those involved in keeping our district in excellent financial condition, the savings were even greater than we originally anticipated,” she said.

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