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Santa Barbara School District Modifies Bond Debt To Save Millions In Interest

Posted on Saturday, July 14, 2012 12:12am

Santa Barbara’s school district has taken advantage of historically low interest rates to in effect refinance some of its bond obligations, which will save millions in interest.

The Santa Barbara School District issued new bonds, to pay off some of existing bonds.

The moves are expected to save taxpayers about four million dollars between now, and 2029.

The changes won’t solve any of the district’s existing funding problems, or impact its current operating budget, but will lead to some long term savings.

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