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Galt high school district refinances bonds to save cash

By News-Sentinel staff

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Posted: Wednesday, December 26, 2012 12:00 am | Updated: 7:19 am, Wed Dec 26, 2012.

The Galt Joint Union High School District sold bonds to refinance previous bonds that were sold by the district in 2006 and 2007.

District voters originally approved the $29.2 million Measure B bond authorization at an election in 2005. The outstanding Measure B bonds had interest rates ranging from 3.85 percent to 5.25 percent.

However, historically low interest rates allowed the district to refinance a substantial portion of the Measure B bonds at an interest rate of 3.03 percent, which will save property taxpayers in the district $2.6 million over the next 18 years, according to the bond underwriter, George K. Baum & Company.

The action was taken late last month.

Credit rating agency Standard & Poor’s Ratings Services assigned the district’s bonds a credit rating of “A+,” citing the district’s slowly diversifying local economy, stabilizing average daily attendance, maintenance of strong available general fund reserves and moderate overall debt, according to a press release.

“The board’s willingness to move forward on the refinancing transaction demonstrates its continued commitment to fiscal responsibility,” Superintendent Matthew Roberts said in a prepared statement. “During these uncertain economic times, we feel fortunate to have been able to take advantage of this opportunity to save taxpayers money and demonstrate the district’s fiscal priorities.”

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