Announcements

Denver, CO – Denver Public Schools this week finalized the sale of another $24 million in bonds as part of the program approved by Denver voters in November of 2008 to support school construction and renovation projects.

(Image Caption: Johnson Elementary's new Learning Center)

Due to favorable market conditions, the district’s strong financial standing and use of a federal stimulus financing program, DPS was able to borrow the funds at a 1.39% interest rate, which saves taxpayers about $11.2 million in debt-repayment costs over the voter-approved maximum interest rate of 7.3%. These savings, coupled with a March bond sale of $150 million at a lower-than-expected 5.1% interest rate, brings the total repayment savings to taxpayers to about $66 million.

The lower interest rates do not mean additional dollars are available to the district beyond the $454 million authorized by voters in November 2008. Rather, the lower interest rates mean that taxpayers will see lower property tax mill levy increases than would be incurred if interest rates were at the original projections.

“These lower interest rates are terrific news for Denver’s taxpayers, as they will save our taxpayers tens of millions of dollars compared to original projections,” DPS Superintendent Tom Boasberg said at Friday's dedication ceremony of a new Learning Landscape playground recently completed with bond funds at Johnson Elementary, 1850 S. Irving St. “We’re very pleased to be able to save our residents significant money on their tax bills because of the district’s strong credit rating and the market’s favorable interest rates.”

Watch video of Johnson's Learning Landscape dedication

The 2008 bond program, which is monitored by the Citizens’ Bond and Mill Levy Oversight Committee and managed by DPS staff, totals $454 million. The District has thus far issued $174 million in bonds to pay for school-construction and renovation projects. The major projects in the bond program include:

• A major renovation of North High School, which is expected to be completed in May 2011

• Construction of a New Green Valley Ranch K-12 Campus, which is expected to be completed in the summer of 2010

• Completion of 19 Learning Landscape playgrounds partially funded by the 2003 bond and the construction of four new Learning Landscapes at Johnson, Palmer, Samuels, and Amesse schools. All projects are expected to be completed this month. Additionally, there are 13 new Learning Landscapes slated to be built in 2010.

• Over $10 million in education technology upgrades for classrooms and school staff to be allocated and spent over the next 3 years.

• Regional renovations that total 113 projects and include painting, bathroom upgrades, new elevators for ADA access, carpet, tile, roofing, paving, fencing, bleachers, lighting, and turf-field installation, with expected completion in early 2010

• Upgrades to early childhood facilities—9 modular units were added and renovation of the Knight ECE Center was completed prior to the start of this school year

• Energy-efficiency upgrades at 26 schools, expected to be completed in early 2010
Complete information on the bond program is available at bond.dpsk12.org.

Boasberg added: “The bond program is off to a great start, and we’ll continue working hard to make sure the citizens of Denver get a strong return on this investment in their schools.”