Upland Unified School District Refinances Bonds, Saves Taxpayers Over $29 Million

Upland, Calif. – In May, the Upland Unified School District refinanced several of its Election of 2008 General Obligation Series B Bonds, which will save District property owners over $29.2 million in taxes. This follows earlier refinances last year that saved property owners $2.2 million, bringing the two-year total to over $31 million in savings. Interest rates remained low during 2016, which allowed for the additional refunding transaction.

The 2008 Election bonds were authorized by more than 60% of Upland Unified School District voters at an election held on February 5th, 2008 and were used to upgrade and renovate classrooms, libraries and technology throughout the District.

Interest rates on the old Series B Bonds ranged between 5.59% and 6.65%. Interest rates for the new bonds are between 0.68% and 3.76%, a difference that will save property taxpayers an incredible $29,268,472.95. The final payment of the new bonds will remain the same as the original August 2040 payment of the Series B Bonds.

Superintendent Dr. Nancy Kelly stated, “District staff and I identified an opportunity to refinance the District’s debt obligations and save taxpayers money; this was something we could not pass on.” Donnie Salamanca, Assistant Superintendent, Business Services added, “Interest rates continued to stay low, and in fact decreased from 2015. This allowed us to capture additional taxpayer savings by refinancing the Series B Bonds when we did.”

The refinancing of the bonds was authorized by the Upland Unified School District Board in April 2016 for the recent sale. “We are absolutely thrilled with this fantastic result for our community. To save over $29 million is a huge win for the District and its taxpayers.” said Board President Steve Frazee.