The Ridgefield School District is refinancing construction bonds from 2012 estimated to save local taxpayers $2.5 million over the next 10 years, according to a district press release.
The 2012 measure financed school renovations and expansions to Ridgefield High School and the district’s two elementary schools, Union Ridge and South Ridge.
The borrowing rate for the new bonds sold on Sept. 20 is 3.08 percent, compared with the previous rate of 4.52 percent.
“This is a great opportunity to save our taxpayers a significant amount of money,” Superintendent Nathan McCann said. He emphasized that the anticipated savings will go directly to taxpayers through lower future tax collections. “This money will now stay in our community and local economy rather than pay interest on bonds.”
