Campbell Union High School District
3235 Union Avenue
San Jose, CA 95124
http://www.cuhsd.org
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
April R. Dizon, Assistant Superintendent of Business Services - (408) 371-0960
Campbell Union High School District Refinances Bonds, Saves Taxpayers $22 million
San Jose, CA – September 20, 2021: In September, the Campbell Union High School District refinanced portions of its $197 million Series B General Obligation bonds (“2016, Series B”) approved by local taxpayers. The original bonds were authorized by more than 55% of Campbell Union High School District voters and are funds specifically authorized to modernize and construct classrooms, labs, and technology throughout the District.
The refinancing of the Series B General Obligation bonds will save District property owners over $22.2 million in taxes (or, 10% of refunded bonds). Since 2015, the District has refinanced six prior bonds, which has saved local taxpayers a total of $43.9 million. Interest rates on the old Series B bonds ranged between 2.32% and 3.28%. The interest rates for the new bonds range between 0.15% and 2.56%, a difference that makes up the $22.2 million savings. The final payment of the new bonds will remain the same as the original August 1, 2038 payment of the 2016, Series B bonds.
Superintendent Robert Bravo stated, “The Board of Education, 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.” April Dizon, Assistant Superintendent of Business Services added, “Interest rates were very low at the time of the refunding. This allowed us to capture significant taxpayer savings by refinancing 2016, Series B bonds when we did.”
The refinancing of the bonds was authorized unanimously by the Campbell Union High School District Board at the August 19th board meeting. “We are absolutely thrilled with this fantastic result for our community. To once again save local taxpayers money is a huge win for the District and its taxpayers.” said Board President Kalen Gallagher.
As a result of these changes, property owners in the District will see savings via reduced tax rate on future tax bills.