The William S. Hart Union High School District has restructured the financing of its Measure SA general obligation fund, saving Santa Clarita Valley taxpayers $3.69 million.
Similar to refinancing a home mortgage, the District locked in lower interest rates in order to lower its borrowing costs. However, with a bond refunding, the District cannot extend the repayment period of the debt. Property tax savings will benefit the community in 2017 through 2025 as a result of the refinancing.
“The District is grateful for the support of local taxpayers and recognizes the importance of being fiscally responsible with taxpayer dollars,” said Erin Lillibridge, Chief Financial Officer for the Hart School District. “Taking advantage of opportunities to reduce taxes for our community, while striving to provide the best education and school facilities possible for our students, is a priority for the Governing Board and Administration of the District.”
The District issued the original general obligation bonds in 2009 under Measure SA, which was approved by voters in 2008. A portion of the outstanding bonds were eligible to be refunded, so the District strategically timed the issuance to take advantage of favorable interest rates and reduce existing tax rates within the community over the next nine years.
The refinancing and subsequent savings would not have been possible without the assistance of financial advisor Cooperative Strategies (formerly Dolinka Group), Stifel Nicolaus, as underwriter, and Bowie, Arneson, Wiles, and Gianonne, as legal counsel.
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