The refinancing of 1999 voter-approved Measure A school construction and modernization bonds will save local taxpayers more than $25 million. The Long Beach Unified School District Board of Education approved the refinancing this week at their regular meeting.
Under the refinancing, the current interest rate of 4.98 percent will decrease significantly to 3.4 percent, bringing it near a 45-year historic low. The result will be $25.3 million in savings to taxpayers over about 20 years.
The school district’s ability to secure the low interest rate also reflects LBUSD’s good credit rating. Despite unprecedented state cuts in public education funding, the school district so far has made budget reductions necessary to remain fiscally sound.