District’s credit rating reduces bond interest

$9.6M in savings on Measure U paypack

San Benito High School District’s recent sale of $43 million in voter-approved Measure U bonds to investors during a time of positive market conditions and investor demand will reduce debt service payments over the life of the bonds by about $9.6 million, according to staff.

The lower interest rates, which were also made possible by the district’s low debt burden, fiscal solvency and growing tax base, will substantially lower borrowing costs and reduce property taxes related to the bonds for local residents and businesses by shortening the financing term by a full year, according to an Aug. 5 press release.

The district maintains a strong “Aa3” credit rating from Moody’s, which cited factors such as the district’s low debt burden, credit strength and growing tax base when providing its rating.

Proceeds from the sale of the bonds will be used to fund the ongoing and upcoming construction, furnishing and equipping of district facilities.

SBHS District Superintendent Shawn Tennenbaum thanked San Benito County voters for their continued support of the bond measures, which have resulted in ongoing campus facility and instructional upgrades.

Those projects include the construction of the Career Technical Education and Visual and Performing Arts and Academic buildings. Bond proceeds are also funding upgrades to physical education and athletic facilities, including the aquatics center, varsity softball field, football stadium and track and multi-use field. A science and robotics building is slated for construction on the west side of campus, and classroom renovations for special education students and ADA compliance upgrades were completed on the main campus this summer.

The bonds were offered to investors during an order period that extended over several hours on the morning of July 24. The 30 separate institutional investors placing orders for the bonds represented a 33 percent increase in the number of institutional investors compared with the first series of Measure U bonds offered in April 2017, which is evidence of greater investor demand for the district’s bonds.

SBHSD seeks substitute teachers

SBHS District is in need of certificated and classified substitutes for the 2018-2019 school year.

Certificated substitutes (for teachers) require a 30-day substitute permit or a valid single subject credential. For individuals who hold a bachelor’s degree and are willing to take the CBEST test, the district can help them obtain their 30-day substitute permit once they have the results of the CBEST.

The pay for certificated substitutes is $160 per day or $53.34 per block. The district welcomes retired teachers to come back and substitute. Retired teachers earn $175 per day or $58.34 per block.

Classified substitutes are also needed, especially special education instructional aides and custodians. Classified substitute pay is based on the classified salary schedule.

Anyone interested should contact Dayna Dickison in Human Resources at 831-637-5831 ext. 143.

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