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Martinez Unified School District Refinances Bonds, Saves Taxpayers over $790,000.
Martinez, CA – May 8, 2024: In April, the Martinez Unified School District refinanced
$14.5 million in general obligation bonds which will save District property owners over
$790,000 in property taxes over the next 10 years. The District took advantage of low
interest rates due to economic uncertainty to refinance bonds approved by voters in 2010.
This follows two prior refinancing which in total will save taxpayers over $3.86 million.
In 2010, more than 65% of Martinez Unified School District voters authorized Measure M, the
sale of $45 million of general obligation bonds to renovate schools, upgrade facilities,
equipment, and technology, and install solar energy systems. In May 2011, the District sold
its first series of bonds under the measure to begin those projects. In February 2014, the
District sold additional bonds to continue those projects. Interest rates on the original bonds
ranged between 3.250% and 5.375%. Rates on the new refunding bonds range from 2.66% to
3.65%, a difference that will save property taxpayers $790,085 without extending the original
term of the borrowing. Superintendent Rossi stated, “With interest rates remaining below historic rates, we felt it was the right thing to do to save our community money.” Added Chief Business Official Andy Cannon, “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. “We
know that our community supports our schools, most recently with the approval of
Measure C, and in turn we wanted to give back to them by saving taxpayer dollars,” said
Courtney Masella-O'Brien, Board President.
Property owners in the District will see a reduced property tax rate on future tax bills.
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