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.  The district is refunding 5,600,000 worth of  school bonds issued in 2013 that paid between 3% and no higher than 4% and replacing them in  2020 with $4,785,000 in bonds that   all pay 5% interest. Usually the refinancing is done to lower the cost of the interest rate . 

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:


  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                  

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.