QUINCY, Ill. (WGEM) -- The Quincy School District's credit score has improved. The district used to be a BBB negative rating with a negative outlook, but now the district is rated BBB with a positive outlook.
The school district's credit rating works exactly like your personal credit score. A better score means lower interest rates on loans.
The higher credit rating wasn't the only good news from Monday night's special board meeting. The board also voted unanimously to refinance some general obligation bonds.
Refinancing means the bonds will now be repaid with a lower interest rate, saving the district about $640,000 over the next 5 years.
"It's just like a homeowner taking advantage of the current interest rates. If you go in and refinance your mortgage, you don't extend your mortgage, you don't get extra money, you just take advantage of that interest rate. It reduces the amount you pay each year. That's all we're doing to those bonds," said Business Manager, Bud Martin.
Martin says both the refinancing and the improved credit score show the school district is working hard to move in the right direction and improve the district's financial situation.
