MCCLELLAN, CA – Twin Rivers Unified recently locked in savings of over $10 million for local taxpayers by refinancing outstanding school district bonds.
The prior bonds were issued by three of the school districts that unified in 2008 to form the Twin Rivers Unified School District: Grant Joint Union High School District, North Sacramento Elementary School District, and Rio Linda Union Elementary School District. Twin Rivers took advantage of the current low interest rate environment and replaced bonds with average interest rates of 6.08% and 4.00% with new bonds at all-inclusive interest rates of 2.87% and 1.70%, respectively.
“We are very pleased with the outcome. When market conditions provided a refinancing opportunity which would help our community and taxpayers, our Board of Trustees did not hesitate to pursue it.”Dr. Steve Martinez, Twin Rivers superintendent
The refinancings did not extend the term of the original bond payments. According to Keygent, the District’s financial advisor, all of the savings from the refinancings will be passed back to District taxpayers in the form of lower property tax bills.
Twin Rivers has refinanced its outstanding bonds on numerous occasions for the benefit of local taxpayers.