Measure E Refinancing Expected to Save Taxpayers More Than a Million

The San Carlos School Board approved a refinancing of the Measure E bond to take advantage of lower interest rates at last night's meeting, a move that could save taxpayers $1.1 million, said school officials.

The Measure E bond was approved in November 2005 by San Carlos voters with nearly 63 percent of the vote, authorizing the District to issue more than $38 million in general obligation bonds.

The new bonds will be issued in June 2012 and sold through a private placement directly to financial institutions, according to a note written by Superintendent Craig Baker.

“As we started to work with a financial advisor in conjunction with a potential new bond measure this November, we learned that we had an opportunity now with our old bond issuance due to lower interest rates,” said School Board President Seth Rosenblatt.

“It’s nice when opportunities like these arise to save taxpayers money with no negative impact on our schools.”

How do you feel about saving some money? Let us know in the comments!

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