RUSD Bond Refinance Leads to Millions in Savings for Local Taxpayers

Redlands Unified School District Press Release

 

December 12, 2017

Contact: MaryRone Shell

Attn: News Desk

Community Outreach, Communication &

FOR IMMEDIATE RELEASE

Social Media Specialist

No. 2017-12-12-01

Phone: (909) 748-6784

       

 

Press Release --- Tuesday, December 12, 2017 at 7:00 p.m.

 

RUSD Bond Refinance Leads to Millions in Savings for Local Taxpayers 

 

Redlands, CA – Redlands Unified School District (RUSD) has successfully refinanced a portion of its outstanding general obligation bonds which has led to a generation of approximately $16.6 million in total savings for local taxpayers.

 

“The Redlands Unified School District appreciates the support of the community and is very pleased to be able to deliver significant savings to taxpayers,” said Bernie Cavanagh, Assistant Superintendent of Business Services.

 

The total savings is a result of refinancing approximately $82 million of outstanding bonds at dramatically lower interest rates.

 

The original bonds were issued as part of the school district’s Measures R & J bond authorizations approved by voters in 2002 and 2008 respectively.

 

Proceeds of the original bonds funded critically needed school improvements and facilities and included the construction of both Judson and Brown Elementary and Citrus Valley High School.

 

Additionally, RUSD successfully refinanced approximately $13 million of the 2001 Community Facilities District (CFD) bonds which resulted in an additional savings of approximately $1.5 million for taxpayers in the City of Highland who pay annually for the RUSD CFD 2001-1.

 

The refinancing was well-received by Standard and Poor’s credit agency and Moody’s credit agency who both assigned RUSD very high credit ratings based on the school district’s large tax base, healthy financial profile, modest debt burden and investors.

 

For more news and notifications about the Redlands Unified School District, visit our website at www.redlandsusd.net. Follow @RedlandsUSD on Twitter, Facebook and Instagram.

For the PDF version of this press release, please click here.  

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