The Niskayuna Central School District plans to competitively sell $49 million of bonds and $10 million of bond anticipation notes on Wednesday to finance various capital projects. The bonds will have maturities out to 2023.
The bond proceeds will finance renovation and construction on four school buildings and take out $20 million of bond anticipation notes that were sold last year to renovate the middle school and build a geothermal heating system at the high school.
Fiscal Advisors and Marketing Inc. is financial adviser on the deal and Orrick Herrington & Sutcliffe LLP is bond counsel.
The county has $30.9 million of debt outstanding, of which $20 million are Bans that will be taken out by the new bonds.
John Tamburello, accounting supervisor for the district, said that this will be the district’s largest bond deal ever. The district is able to go to market with a deal this size because of increased state aid that obviates the need to increase its tax levy, he said.
A decision whether to insure the bonds hasn’t been made yet, he said
An estimated 20,000 people live in the district in Schenectady County, adjacent to Albany County which lies to the south. Median family income in the towns and county that the district serves ranged from $53,670 to $81,410 in 2000, according to the preliminary official statement. Statewide the median family income in 2000 was $51,691.
Moody’s Investors Service rating for the bonds was not available by press time. Standard & Poor’s and Fitch Ratings do not rate the district.