Millbrae School District Secures Credit Rating Upgrade; Refinances Existing Bonds to Reduce Taxpayers’ Bills
This past July, the Millbrae School District sold $8.72 million of refunding general obligation bonds, in order to generate savings for taxpayers. The financing will closed on
August 11, 2016.
Due to historically low interest rates in the municipal bond market, combined with high investor demand for the District’s bonds, the refinancing resulted in savings greater than expected. Investor reception was further helped by a credit upgrade from Moody’s Investors Service to “Aa1”, meaning the District is just one notch below the top of the rating scale.