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Fairfield-Suisun USD Refinances Bonds, Saves Taxpayers More than $1 Million
FOR IMMEDIATE RELEASE
Contact: Kris Corey, Superintendent - (707) 399-5000
Fairfield, CA - The Fairfield-Suisun Unified School District refinanced its 2011 General Obligation Refunding Bonds to save District property owners over $1 million in taxes.
This is the second time the District has refinanced these particular bonds. The first refinance was completed in 2011 to save property taxpayers money. The original bonds, issued in 2002, were authorized by Fairfield-Suisun Unified School District voters at an election in 2002. The proceeds of the 2002 bonds were used to provide adequate classrooms, repair aging school facilities, and relieve severe overcrowding by acquiring, constructing and renovating local school sites.
Interest rates on the old 2011 GO Refunding Bonds ranged between 3.35% and 4.13%. Interest rates for the new bonds are between 2.14% and 2.47%, a difference that will save property taxpayers $1,013,631 without extending the term of the bonds. Interest rates on the new bonds were particularly favorable due to the District’s stellar “Aa2” rating from Moody’s Investors Service.
Moody’s, one of the largest credit agencies in the country, had this to say about the District strong rating: “Fairfield-Suisun USD has a large residential tax base that is poised for continued growth… The region's growing economy, as well as proximity to San Francisco and Sacramento, continue to fuel home appreciation.” In addition, Moody’s cited “The district has a solid financial position that we expect will remain healthy going forward, supported by its conservative fiscal management and stable enrollment.”
Superintendent Kris Corey stated, “FSUSD has a long history of being responsible stewards of the taxpayer’s dollars. Thanks to our exceptional credit rating and our fiscal responsibility, FSUSD was able to save our tax payers a little over one million dollars. We thank the community for their trust in us.”
The refinancing of the bonds was authorized by the Fairfield-Suisun Unified School District Board in February 2019. “We couldn’t be happier with the results of the sale and the chance to pass on the savings to our residents.” said Board President David Isom.
Property owners in the District will see a reduced tax rate on future tax bills starting next year.
Kris Corey, Superintendent