In April, the Martinez Unified School District refinanced $29.1 million in General Obligation bonds which will save District property owners over $2.9 million in property taxes. The District took advantage of low interest rates due to economic uncertainty to refinance bonds approved by voters in 2016 and 2010. This follows prior refinancings which in total will save taxpayers $6.8 million.

In 2010, 65% of Martinez Unified School District voters approved Measure K and in 2016, more than 67% of voters authorized Measure R. The bonds were authorized to modernize classrooms, improve student access to technology, and upgrade electrical and plumbing systems. Interest rates on the original bonds ranged between 3.0% and 5.0%. Rates on the new refunding bonds range from 2.2% to 3.6%, a difference that will save property taxpayers $2,903,310 and shorten the term of the bonds by a year.

Interim Superintendent Eyet stated, “When we saw the opportunity to reduce costs for our taxpayers through this refunding, acting on it was an easy decision.” Chief Business Official Andy Cannon added, “GO bonds are a taxpayer obligation, and lower rates means real savings for our community.”

The refinancing of the bonds was authorized by the Board of Education earlier this year. “This refunding is a straightforward way to deliver savings to the taxpayers who support our schools,” said Tania Brugger, Board President.

Property owners in the District will see a reduced property tax rate on future tax bills.