Huge Savings for Taxpayers Thanks To South Bay Union SD
South Bay Union School District has finalized the sale of refunding bonds that could potentially save local taxpayers more than $3 million.
With the help of financial advisors from Dale Scott & Co. the district was able to refund bonds and take advantage of lower interest rates, reducing the new interest rates of the bonds by more than half. The previous interest rates were 5.53% now they are 2.14%.
“As a South Bay resident for more than 35 years and a SBUSD teacher for 25 years, I know firsthand the importance of taxpayer support in helping to prepare our children for the global economy,” said Barbara Elliott-Sanders, President of the South Bay Board of Trustees. “At the same time, we must prudently manage our finances. Every dollar counts, and we are pleased to return these savings to local taxpayers.”
SBUSD refunded $14.2 million of Proposition X general obligation bonds (Series A) approved by voters in 2008, resulting in a total savings to taxpayers of $3,107,245.
“The District’s action coincided with favorable market conditions, which will benefit both the District and local taxpayers,” said Dale Scott, President of DS&C.
SBUSD also received top ratings from credit services which reflected solid governance and financial stability of the district and community.
Kudos to SBUSD!!!