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News Item: Homepage

• Carlsbad Unified School District Delivers $10.2 Million in Additional Savings to Local Taxpayers

The Carlsbad Unified School District is proud to announce its most recent initiative to benefit students and community members. Under the leadership of the School Board, the District chose to take advantage of historically low interest rates to refinance some of its old Proposition P General Obligation Bonds without extending the term of those Bonds. The District selected the right time to refinance the Bonds and was able to reduce the average interest rate on the prior Bonds from 5.8% down to 2.3%, reducing the community’s tax bill by $10,219,308 over the period between 2019 and 2034.  This brings the repayment ratio down to 1.31 to 1 for these bonds.

 

The District has consistently sought to benefit local taxpayers by seizing opportunities to refinance old General Obligation Bonds that have higher interest rates, including capital appreciation bonds, and replace them with new current interest bonds that have lower interest rates.  Since 2014, the District’s actions will have saved local taxpayers about $19.2 million through 2034.

 

While the District itself will not receive any part of the savings, the Board, the Superintendent and District staff pursued this opportunity strictly as good fiscal stewards, and on behalf of local taxpayers as part of their continued support for the education of the children of our community.

 

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Posted by: Sharan Merchant, District Admin, Carlsbad Unified School District Published:11/21/17
Audience: Homepage and Homepage