The Altoona Area School District recently refinanced a bond series of $46 million for a net interest savings of more than $2 million.
The district’s favorable A-plus credit rating achieved by years of good financial management, a Standard and Poor’s rating services report stated, is one reason the district was able to reduce the original 4.36 percent interest rate and obtain the savings.
Market conditions providing 40-year low bond interest rates were another reason.
“The savings are higher than the estimate we had in September,” Business Manager Michelle Krebs said.
Read more: http://www.altoonamirror.com/page/content.detail/id/566933/Altoona-finalizes-bonds.html?nav=742