Explain what you are doing! 

 Munistat ,hired by Commack UFSD announced in June 2020, that  they are selling bonds to pay back  or" refund" a portion of school  bonds issued in  2013, that  will be coming  due, instead of paying them off.   Should  not all Boards of Education  offer more public disclosure  to taxpayers , many of whom are in the business of finance .?


Commack school  district had received voter approval for a tremendous construction project in 2002. In 2013 the district  refinanced $46,720,000 of the initial  bond debt.. Be aware that construction aid  is paid by New York dept. of education for completed and approved  projects and this money plus tax revenues should  pay back the bonds. State aid is not paid up front  and so bonds are sold to raise project  funds knowing that state aid will be paid at a later date


These  2020 bonds  are not related to the new bond issue approved December 2019.According to p. 21 of the official statement shown on the EMMA site.
"The District has unissued debt in the amount of $67,523,998  from the  2019  bond referendum" for projects that will be started  at some point soon focusing on safety and security, academic expansion and preserving District facilities. 


The following data is listed in the bond statement:

COMMACK UNION FREE SCHOOL DISTRICT SUFFOLK COUNTY, NEW YORK   $4,785,000 SCHOOL DISTRICT REFUNDING SERIAL BONDS – 2020 

  The Refunding Bond Resolution authorizes the issuance of the Bonds to provide the funds necessary to effect the refunding of all or a portion of the Refunded Bonds. 
Sources:    Par Amount of Bonds   ..........$..4,785,000

 Original Issue Premium/Discount ...........      1,001,225.20   

    Total …..  $  5,786,225.20                  



COMMACK UNION FREE SCHOOL DISTRICT SUFFOLK COUNTY, NEW YORK / $46,720,000 SCHOOL DISTRICT REFUNDING SERIAL BONDS – 2013  
Refinance of  originally issued bonds                                                     2013       Par Amount of Bonds..............$   46,720,000.00  

                                                                                                              Original Issue Premium ............      6,682,593.50    

                                                                                                                            Total ...............  $ 53,402,593.50  


A  full statement is listed on the EMMA site.