Sacramento City Unified School District Saves Taxpayers Over $5.7 Million by Refinancing School Facility Bonds Approved by Voters in 1999

Press release

Sacramento, CA – The Sacramento City Unified School District (SCUSD) announced today that it has refinanced a portion of General Obligation bonds which were issued by the district after voters approved Measure E in 1999. By refinancing the bonds, Sac City Unified saved Sacramento taxpayers more than $5.7 million.

“While working hard to meet our students’ academic, social and emotional needs, our district must also demonstrate fiscal responsibility,” said Christina Pritchett, President of the Sacramento City Unified School District’s Board of Education. “We are proud of our work to creatively reduce costs, because every penny saved helps us protect valuable services that our students need.”

“Sacramento City Unified is committed to promoting equity, access and social justice for all  students,” said SCUSD Superintendent Jorge A. Aguilar. “School facilities that are safe and equipped to meet the educational needs of our students are essential. I appreciate the trust that taxpayers placed in our district when they passed Measure E. By refinancing these bonds we are demonstrating sound fiscal stewardship and protecting taxpayers’ investment in our district.” 

This action refinances a portion of the 1999 Measure E Bond which was approved by voters to renovate, replace, purchase and construct school buildings including a new high school to reduce overcrowding, and make improvements to technology infrastructure and add heating and air conditioning units.

Sacramento City Unified worked with financial advisor Dale Scott & Co. of San Francisco to provide advice, counsel, and execution of the bond refinancing.

“We are always thinking forward to help the school districts who engage us to find ways to deliver world class education at the lowest possible cost to their taxpayers,” said Dale Scott, President of DS&C. “Saving taxpayers money while not diminishing funding available for education is a win-win,” Scott said. The refinancing will deliver a savings to taxpayers of $5,787,193.

Established in 1854, the Sacramento City Unified School District is one of the oldest in the western United States and is the 13th largest public K-12 district in California. Sacramento City Unified serves approximately 42,000 students on 76 campuses. Its students reflect the rich diversity that is the hallmark of Sacramento’s central city. The student population is 40 percent Hispanic or Latino; 18 percent Asian; 13 percent African American; and 17 percent white. Residents within SCUSD speak more than 51 languages. Over 70 percent of Sac City Unified students are classified as low income, English Learners, foster youth or are experiencing homelessness.