To take advantage of low interest rates, the South San Francisco Unified School District recently issued $26,425,000 in general obligation refunding bonds, which will save district property owners more than $3.6 million in taxes over the next 18 years.
The bonds originally sold in 2015 when interest rates were higher. Measure J was authorized by more than 55% of South San Francisco Unified School District voters in 2010 to fund various school facility improvements and modernization efforts. The bonds, a form of municipal government loan, were to be repaid over time from property taxes.
The refinancing of the 2015 series B general obligation bonds (Measure J) will save district property tax owners over $3.6 million in taxes over the life of the loan.
“We see ourselves as good stewards of our community’s resources,” district 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.”
Just prior to the bond refunding, the district received an affirmation of its very strong “Aa1” credit rating from Moody’s Investor Service. With this financing, property owners in the district will see savings via reduced tax rate on future tax bills.
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