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Inglewood Unified prepares to save taxpayers money

IUSDInglewood Unified is giving Inglewood homeowners some financial relief.  According to meeting minutes for the Measure GG Oversight Committee, the district is “refunding” bonds associated with Measure K.  Homeowners have pledged over $200 million dollars to upgrade Inglewood schools since the 90’s via two school bond measures.

2 Urban Girls inquired of state administrator Dr. Vincent Matthews about what “refunding” Measure K bonds means for homeowners.

“The refunding reduces the amount that taxpayers pay on their bills.” said Matthews.  “It was the district’s ability to put dollars back in the hands of Inglewood taxpayers.”

Advisory Board Member Dr. D’artagnan Scorza echoed the administrators sentiments.

“Refunding bonds saves taxpayers millions of dollars.” said Scorza. “This is one more example demonstrating that Inglewood Unified is on the road to recovery and our leadership is moving in the right direction.”

Kevin Dayton, of the Dayton Public Policy Institute, points out the Electronic Municipal Market Access website doesn’t appear to show the bond maturity dates being updated, to reflect the new activity.  However, he goes further to state the bonds were most likely “privately placed”.

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“EMMA is responsible for reporting “public offering” financings.  This latest refinancing by IUSD was done as a “private placement” and thus does not have the usual disclosure documents nor filing requirements.
The bonds in question are the Election of 1998, 2006 Series D, and while they have been “refunded” as of July of this year, technically they will be called October 1, 2016.
Gross savings on the refunding was $5,137,136.00.  This translates into an estimated savings of $150.51 per homeowner (please note that due to different valued homes, the savings will be different and dependent on actual assessed value).
The estimated savings per property owner (commercial, residential, industrial, etc.) is estimated to be $222.05.  This savings figure is also an average and dependent on the assessed value of the property.” Matthews further explained.

2 Urban Girls is equally excited to see our state administrator making progress in being more transparent about the district’s activities.

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