Refunding of 2005 Refunding Bonds Saves Taxpayers!
Los Gatos, CA – On November 13, 2014, the Los Gatos-Saratoga Joint Union High School District and its staff successfully sold $27 million of 2014 General Obligation Refunding Bonds in order to refinance the District’s outstanding 2005 General Obligation Refunding Bonds. The 2005 Bonds had been issued to refinance the District’s Election of 1998 General Obligation Bonds, Series B and Series C.
With interest rates in the municipal market near their 30-year lows, the District was able to take advantage of extremely attractive conditions to generate significant savings for taxpayers.
“The Board is committed to prudent fiscal management and takes its fiduciary responsibility very seriously. We are always looking for opportunities to save our taxpayers money,” said Bob Mistele, the District’s Superintendent.
The transaction will generate total cash flow savings to the District’s taxpayers of $3.3 million through 2020 or approximately $650,000 per year.
As part of its preparation for selling the 2014 Bonds, the District’s credit quality was reviewed by Standard & Poor’s and Moody’s Investors Services. The rating agencies confirmed the District’s highest ratings achievable for California school districts of “AAA” from Standard and Poor’s and “Aa1” from Moody’s.
Morgan Stanley is the District’s underwriter and Dale Scott & Company, Inc. is the District’s financial advisor.
The transaction closed on November 25, 2014.
District Budget, 2014-2015
The final District Budget, 2014-2015 was adopted at the June 17, 2014 meeting of the Board of Trustees.
District Budget, 2013-2014
The 2013-2014 District Budget was adopted at June 18, 2013 meeting of the Board of Trustees.