PRINCE WILLIAM COUNTY, Va. –– Some public schools in Prince William County will see improvements following the sale of $47.8 million in bonds Tuesday.
Thirty new classrooms will be added to Potomac Senior High School, and six classrooms will be added to Swans Creek and Westridge elementary schools. A bus parking lot will also be added to Westridge, according to county documents.
The Bonds were awarded to Citigroup Global Markets after a competitive bidding process that attracted 14 bidders. This is the largest number of bids received on a County bond sale. The County’s new credit status as a “Triple-Triple-A” rated jurisdiction, low market rates and heavy demand for the issuance were all factors in obtaining an extremely low interest rate bid of 3.147 percent, this is the lowest interest rate the County has ever received on a 20 year bond sale. The Bonds received the highest rating by Fitch, Standard & Poor’s and Moodys. Note: This rating level is awarded by all three rating agencies to only approximately 0.4 percent of all local governments in the United States.
The bond sale is expected to save the county school system $1.6 million in interest payments, officials said.
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