School District Saves $7.8 Million
By Lang Sligh, Vice-Chairman of the Citizen’s Bond Oversight Committee
On July 1, the Santa Barbara Unified School District successfully recast $51,755,000 in taxable general obligation school bonds. Because of the District’s excellent credit rating, the outstanding bonds, with a 5.03% interest rate, were “called in” and new replacement bonds were issued at a 2.05% rate. The resulting savings to local taxpayers over the remaining 18-year life of the bonds is $7,800,000.
We don’t always hear the good news, but this is good news indeed.