The South San Francisco Unified School District will save local taxpayers $7.2 million by refinancing a series of bonds first sold in 2010. Credit rating agency Moody’s Investors Service lent its support for the move by awarding the district a AAA grade.
“We do our best to be good stewards of our community’s resources,” SSFUSD Superintendent, Dr. Shawnterra Moore said in a press release. “We were able to take advantage of a unique opportunity to save money for our families and business community; this was something we could not pass on.”
The refinancing effectively lowers the average interest rate the district has been paying on this series of general obligation bonds from 4.02% to 3.28% and will also allow SSFUSD to shorten the repayment schedule from 8.8 years to 6.9 years, according to the district.
The district first received authorization to sell about $162 million worth of bonds as part of Measure J, which voters approved in 2010. The money was used to replace deteriorated portable classrooms with permanent buildings, providing access to students with disabilities; upgrade science labs, libraries, technology and restrooms; enhance safety, fire detection and security systems; improve energy efficiency; and replace outdated electrical, plumbing and heating systems, according to the district.
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