The Calaveras Unified School District (CUSD) recently carried out a refinancing of bonds that is expected to save local taxpayers more than $1.8 million.
For years, the district has struggled to manage rising costs and declining revenues. The refinancing of the bonds is one step in CUSD’s efforts to cut costs and ensure fiscal stability.
Dale Scott & Company served as financial adviser to the district, helping to refinance the bonds at lower interest rates.
In total, the district refinanced $10.4 million of general obligation bonds for a total savings of $1.8 million – a 12% reduction in payments.
The bonds were approved by voters in 1997 and 2006.
The refinancing will lead to lower property tax rates for district residents. From 2022-2027, the reduction in property tax rates is expected to total about $9 per $100,000 of assessed value per year.
“We closely monitored the interest rate market and took action to maximize savings for our district residents,” CUSD Superintendent Mark Campbell said in a press release. “It’s money back in the pockets of the taxpayers and we’re really happy that this worked out in this manner.”
Dennis Dunnigan, president of the CUSD Board of Trustees, also commented in the press release.
“We remain committed to the attentive stewardship of taxpayer funds while providing our students with a safe, positive and fulfilling educational environment,” he said. “Local taxpayers have demonstrated their support of the district, and we are doing everything we can to make good on their investment in the future of our students.”