The Brentwood Union School District recently refinanced $20 million in general obligation bonds which will save District property owners more than $1.5 million in property taxes.
The District took advantage of low interest rates due to economic uncertainty to refinance bonds approved by voters in 2016.
In 2016, voters authorized Measure B, the sale of $158 million of General Obligation bonds to provide Brentwood students with renovated classrooms, libraries, science labs, improved school security and safety measures, expanded technology resources, a performing arts theater at every middle school and the construction of Isaac R. Montañez Elementary School. In December 2016, the District sold its first series of bonds under Measure B to begin those projects. Those bonds were sold at interest rates ranging from 4.00% to 5.00%. Rates on the new refunding bonds range from 2.50% to 4.12%, a difference that will save property taxpayers $1,521,194 without extending the original term of the borrowing.
Superintendent Dr. Dana Eaton stated, “We are grateful for the Brentwood community’s continued support as we upgrade our schools to enhance learning environments, and our school board remains committed to saving taxpayers money whenever possible. We take our responsibility as stewards of public funds seriously and are dedicated to using our community’s resources wisely.” Chief Business Official Diane Deshler added, “Part of my job as Chief Business Official is to keep an eye on our debt obligations and seek opportunities to save money, both for the District and our taxpayers.”
The refinancing of the bonds was authorized by the Board of Education earlier this year. “With interest rates lower than when we first sold bonds, we took advantage of the opportunity to save our community money,” said Scott Dudek, Board President.
Property owners in the District will see reduced property taxes on future tax bills
