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November 15, 2021
SANTA FE SPRINGS, CA – Little Lake City School District has secured $1,128,633.31 in savings for local taxpayers due to the recent refinancing of existing general obligation bonds.
“We are pleased with the outcome of the bond refinancing,” said Dr. Bill Crean, Superintendent of Schools. “When market conditions provided a refinancing opportunity which would help our community, our Board did not hesitate to pursue it.”
The District took advantage of the favorable interest rates and replaced higher-interest rate bonds with new bonds at an all-inclusive interest rate of 2.98%.
Gabriel Jimenez, President of the Board of Education, shared, “The reduction of rates was made possible without any extension of the original bond repayment term. The Board of Education was grateful to approve the bond refinancing at our meeting on October 12, 2021.”
Before the bond sale, S&P Global Ratings provided Little Lake City School District with a strong credit rating of AA-. S&P also assigned the District a “stable” outlook and noted the District’s “trend of positive operating results and very strong available reserves.” This high-grade rating helped attract diverse investors such as insurance companies, bond funds, money managers, and retail investors.
Since 2005, the District has refinanced its outstanding bonds on four separate occasions. Including the most recent refinancing, the District has saved taxpayers approximately $2.1 million. Local taxpayers will receive lower property tax bills as a result.
“The District is grateful for this opportunity to provide relief to our taxpayers. Thank you to our Little Lake City School District community for their continued partnership as the District works to support its community and provide high-quality learning experiences to students,” expressed Dr. Crean.
