School district refinances bonds for long-term savings

The Newport-Mesa Unified School District has refinanced more Measure A bonds to save taxpayers an estimated $5.4 million over the long term.

Deputy Supt. and Chief Business Official Paul Reed said at the March 27 school board meeting that he refinanced longer-term bonds.

Measure A was approved by voters in 2000 to help finance $110 million in repairs to schools that were more than 25 years old.

The bond has funded projects like plumbing and electrical improvements, Internet connections, access for the disabled, new paint and other major remodeling.

“That provides the district with a little flexibility in terms of issuing new bonds in Measure F, but not in the immediate future, because the bonds were in the long end,” Reed said. “So, there will be a benefit. It will take a while to get there. Nonetheless, it is, as I continue to say, an exercise in good government.”

In 2010 the district refinanced $76 million in Measure A bonds to save taxpayers an estimated $4.5 million.

— Britney Barnes

Twitter: @BritneyJBarnes