Sept. 22, 2016 – The Stillwater Central School
District recently refinanced its bonds, saving $757,000 in interest
payments over the next 13 years (the remaining life of the bonds). The
savings will provide future financial flexibility as the district faces
a variety of financial challenges, including declining PILOT payments
and a possible near-zero tax cap.
As part of the refinancing, financial ratings service Standard & Poor’s also reaffirmed Stillwater Central School District's rating of “AA-,” which allows the district to avoid having to purchase bond insurance, saving an additional $50,000 in costs. District officials say the rating is a sign that the district is managing its finances responsibly.
“The district will always do its best to remain in a financially stable position,” said Superintendent of Schools Patricia Morris. “Maintaining this rating will allow us to continue to provide a quality public education for our students, while also reducing costs.”