News

Menlo Park school district bond refinancing saves $3.7 million

 

The Menlo Park City School District will save taxpayers over $3.7 million by refinancing its voter-approved bonds.

The district refinanced the bonds on Sept. 10 after receiving a triple A rating from Moody's Investors Service, according to a district press release. The school board approved the refinancing at an Aug. 29 meeting.

The move will lower district residents' property tax bills, according to the district's financial adviser Keygent.

"Our primary mission is to serve our students, making sure they are all engaging, achieving, and thriving in the classroom and as developing young people," said Superintendent Erik Burmeister in a prepared statement. "Every voter and taxpayer in MPCSD can be proud that our business office is looking out for their bottom line. They should also know that this smart management allows MPCSD to punch above its weight, consistently delivering the highest quality education at a much lower per student cost than any of our neighboring community-funded districts."

The district refunded bonds sold in 2005, 2012, 2014 and 2015 in a process similar to refinancing a home loan, according to the district's website. The district took advantage of the current low interest rates and replaced bonds with an average interest rate of 4.5% with new bonds at an interest rate of 2.61%.

In the past decade, the district has saved the taxpayers $28.9 million by taking advantage of refunding opportunities, according to the press release.

---

• Sign up for Almanac Express to get news updates. Follow us on Facebook, Twitter and Instagram. Or show your support for local journalism by subscribing.

What is democracy worth to you?
Support local journalism.

Comments

Like this comment
Posted by Kevin
a resident of Portola Valley: Los Trancos Woods/Vista Verde
on Sep 18, 2019 at 5:16 pm

Kevin is a registered user.

Bravo MPCSD....


Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.

Email:


Post a comment

Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online. Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information and opinion. All postings are subject to our TERMS OF USE, and may be deleted if deemed inappropriate by our staff.

We prefer that you use your real name, but you may use any "member" name you wish.

Name: *

Select your neighborhood or school community: * Not sure?

Comment: *

Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.

*Required Fields


Stay informed

Get daily headlines sent straight to your inbox.

Gluten-free bakery Misfits Bakehouse is reborn in Palo Alto
By Elena Kadvany | 4 comments | 2,708 views

What to do with all those cardboard boxes
By Cheryl Bac | 2 comments | 2,207 views

Premarital and Couples: The "Right" Way to Eat an Artichoke
By Chandrama Anderson | 1 comment | 1,679 views

What did you learn last week?
By Sherry Listgarten | 6 comments | 1,075 views

Menlo Park Can Learn A Lot from Palo Alto (Part 1)
By Dana Hendrickson | 3 comments | 824 views

 

Race Results Are In

Thank you for joining us at the 35th annual Moonlight Run & Walk! All proceeds benefit the Palo Alto Weekly Holiday fund, supporting local nonprofits serving children and families.

Click for Race Results