Credit: Tom Sofield/LevittownNow.com
During a meeting last month, the Pennsbury School District voted to refinance a 2006 bond issue.
The refinancing through RBC Capital Markets is expected to save Pennsbury just shy of $2 million dollars over the life of the bond.
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Mike Lillys of RBC Capital Markets said rates are currently at favorable lows, even better than they were in 2015. He explained fear over the economy has caused a strong bond market with low rates.
Lillys said Pennsbury’s strong credit rating, which was recently reaffirmed by Moody’s Investors Service, will help the district on the bond market. Rogers said the credit rate means a lower interest rate for Pennsbury.
Pennsbury business manager Dan Rogers compared the process to refinancing a home mortgage and called it a “great opportunity.”
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The deal with new rates is expected to close by the end of April.
Rogers thanked the administration and finance director Joanne Godzieba for their work.
