Last month, the City of Falls Church received the good news that its voter-approved bond for $124.4 million to build a new high school, renovate the library and other capital uses went for a record low interest rate of 2.71 percent, essentially saving $30 million over the 20 and 30 year life of its components below original projections.

More positive news was announced by the City’s Chief Financial Officer Kiran Bawa Tuesday when she reported to the City Council that with the late sale of the bond, no debt service payment needs to be made during the current fiscal year, as had been planned, putting the City ahead by $4.6 million.

The first debt service payment will not come due until next July after the start of the Fiscal Year 2021.