On Thursday, Jan. 18, DPS sold the last $105,325,000 of general obligation bonds remaining from the $572,000,000 approved by Denver voters in 2016. The interest rate for the district is 2.81% and the bonds are scheduled to be repaid over 20 years.
As a result of this borrowing, $129,611,223 will be added to the 2016 DPS bond program on Jan. 31. The funds will be used to continue projects approved by voters and recommended by the Community Planning and Advisory Group — including critical maintenance updates, new capacity projects, quality learning environments and technology and safety needs. Additional proceeds from the sale will cover the cost of issuance and fund necessary reserves and contingencies for the overall bond program.
Through the financing preparation process, the district’s bond rating was upgraded by Standard & Poor’s Corporation (S&P) from AA to AA+. In the rating report announcing the upgrade, S&P noted the very strong fiscal 2017 performance and stable outlook of the district. Additionally, DPS refinanced $96 million of outstanding bonds to a lower interest rate, saving district taxpayers almost $5 million on a present value basis.
With strong financial stewardship of taxpayer funds, DPS will continue to improve and support our city’s students and schools into a future where Every Child Succeeds.