Saving Millions
Bond refinance saves 
Canutillo ISD millions
Posted on 10/01/2019
This is the image for the news article titled Bond refinance saves 
Canutillo ISD millions
The Canutillo Independent School District has saved millions of dollars in debt service with the help of recent bond refinancing.

The District conducted a taxable advance refunding of certain maturities of the District’s outstanding debt. The interest rate on the new bonds is 2.62%. The move erases about $3.69 million, or $2.7mm in present value, in debt service from the books of Canutillo ISD. Officials say that the District acted at the right time.

“We took advantage of the low interest rate environment we are in,” said CISD Chief Business Officer Martha E. Piekarski. “The refunding allows for the District to maintain its current Interest and Sinking (I&S) tax rate for years to come.”

Canutillo ISD Board President Sergio Coronado says that the result is good news for taxpayers.

“This is a huge benefit and the savings can be put to good use for our students,” Coronado said. “The diligence of our administration coupled with leadership of our board has put our district in sound financial position, ready for future growth.”

Recently, Canutillo ISD improved its credit rating and is now among the best rated school systems in the region. Moody’s Investors Service upgraded the District’s credit rating to Aa3, from A1.

Also, Canutillo ISD is the only district in the region to receive two prestigious financial recognitions for three consecutive years. The Association of School Business Officials International (ASBO) awarded CISD with the Certificate of Excellence in Financial Reporting. And the District was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report.