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Schools: Higher bond rating will save district money

Moody's, the bond rating firm, raised its rating on the Georgetown County School District from A1 to Aa3. The money will save the district hundreds of thousands of dollars a year in interest costs, Superintendent Randy Dozier said.

The district plans to refinance $97.2 million in bonds approved by voters in a 1997 referendum to finance school construction.

"It will probably save several hundred thousand dollars, maybe $500,0000 or $600,000 a year," Superintendent Randy Dozier said. The high rating opens new markets for the district's bonds as well as reducing the risk for investors.

"It's nice to know that our efforts paid off with managing money," Dozier said. "The fact that we didn't use the reserve and it continued to grow when times are tough was a positive thing.

Georgetown County is also refinancing some of its debt. It received a Aa2 rating on $10.5 million in bond it sold last week.

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