Rome, VVS among districts to save by bond refunding

Published Dec 6, 2017 at 4:00pm

The Rome, Adirondack and Vernon-Verona-Sherrill school districts are among 11 Mohawk Valley districts that will save a total of about $2.4 million through the Dormitory Authority of the State of New York’s refunding over $46 million of outstanding bonds.

Among the net value savings are $585,447 for Rome, $73,049 for Adirondack, and $68,948 for VVS, DASNY announced today.

The savings can involve reducing debt service through the bond refundings.

They are part of DASNY’s School Districts Revenue Bond Financing Program, which “provides public school districts across New York State with an efficient financing alternative,” the authority said.

“Quality education for our students is our number one priority,” said Rome City School District Superintendent Peter C. Blake.

“The savings achieved in partnership with DASNY helps us prepare them for the next step on their journey to success,” the superintendent added.

Statewide, 54 districts are achieving about $17 million in net value savings as part of a nearly $300 million bond refunding delivered by DASNY, the authority said.

“New York State’s schools
are the foundation of our economy and DASNY is proud to provide financing support to these districts,” said Gerrard P. Bushell, President and CEO of DASNY.

“These savings help broaden opportunity for the rising generation of New Yorkers,” Bushell added.