San Mateo Union High School District Saves Taxpayers Over $4.2 Million

September 16, 2021 - The San Mateo Union High School District recently locked in savings of over $4.2 million for local taxpayers by refinancing Measure O bonds previously approved by voters in November 2010.

The District took advantage of the current low interest rate environment and replaced bonds with an average interest rate of 4.15% with new bonds at an all-inclusive interest rate of 1.83%.  The refinancing did not extend the term of the original bond payments.  “The savings from the refinancing are great for taxpayers because they result in lower property tax bills,” stated the District’s financial advisor, Keygent.

The District received the ‘Aaa’ rating, the highest possible credit rating from Moody’s Investors Service, as part of the refinancing process.  The strong rating was a result of the District’s conservative management strategy, robust economy, and strong financial position.

Since 2004, the District has refinanced its outstanding bonds on numerous occasions.  Including the most recent refinancing, the District has saved taxpayers over $50.3 million. “The District is pleased with the outcome of the bond refinancing,” said District Associate Superintendent and Chief Business Officer Yancy Hawkins.  “When market conditions provided a refinancing opportunity which would help our community and taxpayers, our Board did not hesitate to pursue it.”