Lindbergh Schools’ bond sale on Nov. 30 will save taxpayers approximately $4 million in the district’s debt service fund.
The Lindbergh Schools Board of Education voted on Oct. 21 to authorize advance refinancing of 2014 Prop G general obligation bonds. The refunding was offered as a competitive sale with eight bidders in all. This resulted in a total debt savings of $4,045,979, which is a 10% savings in total interest payments for this issue, according to Chief Financial Officer Joël Scheible.
“This refinancing is an opportunity for the district to reduce debt, build equity and save our taxpayers money over time,” Scheible said. “Just like a homeowner can save money by refinancing his mortgage at a lower interest rate, we are able to save quite a bit of money for taxpayers by lowering payments on these bonds.”