By Brian Park
In a move that could save district taxpayers an additional $906,300 annually, the Capistrano Unified School District Board of Trustees on Wednesday, November 13, unanimously approved to refinance its general obligation bonds.
The bonds, which are derived from 1999 voter-approved Measure A, total $64.9 million—of which $30.2 million is callable. Sacramento-based Government Financial Services, the district’s contracted public finance firm, suggested the district take advantage of low interest rates, which could increase savings for district taxpayers from $5.5 million to $6.4 million.
At their October 24 meeting, the board unanimously approved to refinance $22.8 million of its Certificates of Participation, which could save the district an additional $190,000 annually.
The bonds are expected to be sold by December 4, according to Clark Hampton, the deputy superintendent of business services. Government Financial Services will provide an analysis of both the refinancing of COP’s and bonds at the board’s January meeting.