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June 28, 2017
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Stillwater News

Recent refinancing of bonds saves district $757k

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.”

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