The Locust Valley Central School District refunded bonds which will save the District more than $700,000 over the next eight years. The Board of Education and Administration worked diligently to refund bonds from 2001, reducing the District’s interest payment rate from 4 percent to 2 percent and reducing payments by $87,600 annually. This savings was only possible due to the upgrade in the District’s credit rating by Moody’s to an “Aa1” level. With the improved credit rating coinciding with lower interest rates, the timing was perfect for the refunding of these bonds.

 

Bonds maturing at future dates will be examined for refunding as well, for possible additional savings in future years.