The Miller Place School District (MPSD) is proud to announce that it will be saving nearly $2.3 million dollars over the next 11 years by refinancing its 2010 space bond. The savings were made possible by Miller Place’s planning, budgeting practices and consistently strong Moody’s Bond Rating of Aa2.
“The District’s refinancing of the outstanding bond debt is reflective of our strong financial stewardship and continued trajectory of success,” said Dr. Marianne Cartisano, superintendent of Miller Place School District. “We have worked diligently to improve our short and long-term financial outlook while effectively maintaining and advancing our high-quality educational programs and services.”
MPSD received a total of eleven bids and Mesirow Financial, Inc. was the winning bidder. This resulted in the District’s original 3.92% interest rate on the bonds being lowered to a true interest rate of 1.63%. The District’s Moody Bond Rating of Aa2 will allow the District to experience $2,289,950 in total budgetary savings over the next 11 years. Moving forward, the District will continue to monitor its outstanding debt to take advantage of any budgetary savings that can be achieved through refinancing.
For more information about the Miller Place School District, please visit the District’s website atwww.millerplace.k12.ny.us.