Back to school: Santa Maria Joint Union High School District classes in full swing

A construction worker is shown building walls for new classrooms at Righetti High School in Santa Maria in 2017, a project financed by Measure C2004 bonds. The Santa Maria Joint Union High School District on Wednesday finalized the sale of its remaining bond balance of $67 million.

The Santa Maria Joint Union High School District has refinanced a significant portion of its general obligations bond with a historically low interest rate, anticipated to result in property tax savings of $6.3 million for local taxpayers.

District leaders finalized the sale in December of the remaining $67 million authorized for the 2013 Measure C2004 bond, and also refunded outstanding bonds from the early 2000s.

Khushroo Gharaya of CFW Financial Services, which managed the sale, said national investors were impressed with the district's financial management and increased their credit rating as a result. This, along with lower-than-expected interest rates due to the omicron variant, allowed the district to secure a 2.6% interest rate rather than the anticipated rate of 4.3%.

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Santa Maria City Reporter

Originally from the Pacific Northwest, Laura Place covers city government, policy and elections in Santa Maria and Santa Barbara County. Follow her on Twitter @itslaurasplace

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