RYE, N.Y. -- The Rye City School District has retained its AAA Bond Rating from Moody's Investors Service, Superintendent Frank Alvarez announced Tuesday.
The rating has been assigned to the district's $16.35 million in bonds for reconstruction projects at the high school.
"The AAA rating reflects the district's healthy financial position with ample reserves, sizeable and affluent tax base and favorable debt profile," Moody's said in an announcement. The rating is expected to keep borrowing costs low for the district. Moody's also cited challenged for the district, including the rising cost of employee benefits and revenue constraints under the state tax cap.
“Our board and administration have worked hard to achieve this rating,” Alvarez said. “The AA rating is good news for our district and our taxpayers; bond proceeds will be used for the high school addition project, and lower borrowing costs will result in greater savings for taxpayers.”
Board of Education President Laura Stack thanked Alvarez and Assistant Superintendent for Business Kathleen Ryan for their work in securing the AAA rating.
“The hard work of the administration and the board translates to actual savings for our taxpayers, as we will receive the best possible terms for our high school capital project.”
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