Following the approval of a bond issue by voters in November 2025, the District finalized the sale of $70,625,000 in bonds on February 24, 2026.
The bonds will be used to finance the District’s master facility plan, which includes building a new grades 6-8 building, expanding Canaan Middle School, expanding the High School, and renovations to the District’s remaining buildings. A combination of an upgraded credit rating, a reduced maturity schedule, and strong investor demand resulted in an interest rate significantly lower than initially projected, reducing total interest costs by over $26 million.
Credit Rating Upgrade to Aa2
Prior to the sale, Moody’s Investors Service upgraded the District’s credit rating to Aa2. In the financial sector, this high-grade rating recognizes the District’s strong fiscal management, growing enrollment, and strong local economy.
This upgrade increased the marketability of the bonds, allowing the District to secure lower interest rates than those estimated during the initial planning phases.
"Moody’s recognized our District’s prudent, conservative fiscal management practices and it resulted in a well-deserved credit upgrade. We are proud to be able to convert that upgrade into long-term savings for our taxpayers," said Mark Ingles, District Treasurer.
Financial Performance & Interest Savings
The District originally estimated an interest rate of 4.75% when the bond issue was placed on the ballot. However, due to the credit rating upgrade and high demand for the bonds amongst investors the District achieved an all-in interest rate of 4.31%.
Furthermore, the District was able to shorten the repayment term by seven years, significantly reducing the long-term debt obligation.
Long-Term Impact for Residents
By achieving a lower interest rate and shortening the repayment window, the District has effectively reduced the total amount of local tax revenue required to pay off the newly issued debt. These fiscal milestones ensure that the projects approved by the community are being managed with the highest level of financial efficiency.
The District will continue to provide regular updates on the progress of construction and remaining financial milestones.