GCPS saves millions with AAA bond rating

SUWANEE — It pays to have a good reputation.

The top bond rating agencies in New York recently renewed Gwinnett County Public Schools’ AAA bond rating, district spokeswoman Sloan Roach said Monday. The school system is one of a handful of districts with top ratings.

This week, the school district sold its allocation of federally subsidized, interest-free Qualified School Construction Bonds. The system’s favorable bond ratings and the federal subsidy will save taxpayers more than $10 million in interest over the life of the bonds, Roach said.

This bond sale completed the district’s use of its total allocation of federally subsidized bonds that were a part of the 2009 stimulus package.

“We are very pleased that the ratings agencies continued to recognize our strong financial stewardship with a continuation of our AAA rating,” Chief Financial Officer Rick Cost said. “The result is that we were able save a significant amount of money, through an interest-free financing tool, which ultimately means being able to build more classrooms with the same amount of money.”