School of the Canyons introduced Monday that Santa Clarita Group School District taxpayers will expertise financial savings in terms of paying down common obligation bond debt linked to 2 bonds — Measure C and Measure M — that helped create the faculty’s Canyon Nation campus and different services initiatives.
The school refinanced $36.8 million in bond debt, resulting in a $2.9 million financial savings over the remaining lifetime of the bond, or simply over 18 years.
“In essence, we’re getting a decrease rate of interest on the bonds,” stated COC spokesman Eric Harnish. “Meaning the funds on the bonds go down, which is an effective factor for native property house owners.”
District property house owners pay down the bond debt by means of their property taxes, Harnish stated. They’ll see the financial savings beginning on their 2021-22 tax payments.
“When the chance is there, we actually attempt to reap the benefits of it and decrease the price to taxpayers by refinancing bonds,” Harnish stated, noting the alternatives are pushed by market circumstances.
The SCCCD board of trustees voted to refinance the bond debt in April. The district accomplished the transaction on the finish of Might, marking the faculty’s fourth refinancing of debt since 2013.
“Since 2013, the Santa Clarita Group School District’s refinancing efforts have resulted in almost $50 million in cumulative financial savings to taxpayers,” Sharlene Coleal, assistant superintendent/vice president of enterprise providers on the faculty, wrote in a ready assertion.
Voters handed Measure C, an $82 million bond, in 2001 to fund the acquisition of 70 acres of land on Sierra Freeway to construct the faculty’s Canyon Nation campus. The funds additionally constructed a classroom and laptop facility, science services and performing arts classroom and rehearsal areas.
Voters accepted Measure M, a $160 million bond, in 2006, offering funding to full the preliminary buildings on the Canyon Nation campus.
Each measures certified COC to obtain $56.2 million in building funds from the state, in line with the faculty.