To best serve students and the community, Denver Public Schools is committed to maximizing the impact of public funding for education. On April 26, DPS continued its financial stewardship efforts by refinancing a portion of its 2012 general obligation bonds. Together with a similar refinancing in 2014, this will save Denver taxpayers nearly $25 million.
Were proud of these efforts to serve as good stewards of the communitys investments in our schools, said Mark Ferrandino, DPS chief financial officer. At a time when sensitivities to taxes are especially high, were pleased to be able to realize significant savings for Denver taxpayers.
A general obligation bond is, in effect, a loan that is repaid through the collection of residential and commercial property taxes. Denver voters approved a $466 million bond in 2012 to help restore and update older school buildings, create new and expanded schools, and enhance classroom technology. Through effective management of those funds, DPS was also able to release an additional $35.7 million to support additional school improvements at no added cost to taxpayers.
Through the April 26 bond-refinancing process, the national bond rating agencies reaffirmed DPSs high investment grade ratings. Moodys Investors Service, Fitch Ratings and Standard & Poors confirmed their ratings of Aa2, AA+ and AA, respectively.