SMMUSD Saves Taxpayers More Than $15 Million

15-Sep-2016

SMMUSD Saves Taxpayers More Than $15 Million

The Santa Monica-Malibu Unified School District recently locked in savings of more than $15.1 million for local taxpayers by refinancing Measure BB bonds approved by voters in 2006 and Proposition X bonds approved by voters in 1998. The District took advantage of the historically low interest rate environment and replaced bonds with an average interest rate of approximately 4.90% with new bonds at an all-inclusive interest rate of 2.87%. All of the savings from the refinancing will be passed back to District taxpayers in the form of lower property tax bills. The refinancing did not extend the term of the original bond payments. Read More >



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