Bond sales move Ridgefield School District projects forward

first_imgThe Ridgefield School District has taken another step toward building its first new school in 40-plus years. On Wednesday, the district announced it had sold bonds to finance the $77,965,000 local share of the $98.5 million for the construction of various projects, including a new fifth-through-eighth-grade campus expected to open in time for the 2018-2019 school year. The district’s bond measure, which passed with 68.82 percent of the vote in February, will also fund an expansion at Ridgefield High School, allowing the district to construct a new building with rooms for science, special education, fine arts, general education and a library/media center. Bond money will also provide security upgrades to Union Ridge and South Ridge elementary schools. The city will pay for an outdoor sports complex next to the new campus. The overall cost of the 20-year financing was 3.32 percent, according to a release from the district. “Interest rates on these types of bonds are near historic lows,” Ridgefield School District Superintendent Nathan McCann said in a release. “This is a good time to borrow at low rates to complete these important projects for the community.”The district saved roughly $180,000 in total debt service when compared with initial interest rates, thanks to a stable bond market, according to the release.last_img read more