Bond Refinancing Saves District Over One Million Dollars
In a continuing effort to provide high-quality services at a low cost, the District, under the direction of Kings Treasurer/CFO, Cary Furniss, completed a refinancing of a portion of its outstanding debt on January 7, 2020.
The District refinanced $14,760,000 of its current debt, achieving a savings of $1,555,862! The successful bond refinancing locked-in savings for the District at interest rates near historic lows.
Standard & Poor's Financial Services provided a ratings report for the District. In that report, it was noted that the District's debt is considered low and amortization is rapid, with 65% of the District's direct debt scheduled to be retired within 10 years. Thank you, Mr. Furniss for being so diligent and looking for opportunities to save the District money. For more information on school finance, please contact Mr. Furniss at cfurniss@kingslocal.net.
