Schools
After Refinance, $1.5 Million Back to Taxpayers
The school district announced a saving for the 2013-14 school year to affect parcels within the boundaries of the former Whisman School District.
With the federal interest rate at historical lows the expects to save local taxpayers approximately $1.5 million, school officials announced Friday.
The savings are a result of an all-inclusive interest rate of 2.27 percent—down from 6.86 percent—that the school district secure in its refinance of $13.55 million in outstanding general obligation bonds due to mature on Aug. 1, 2021, according to Standard & Poors.
After the June 22, 2012 refinance, the district now owes $12.15 million. That's 1.5 million less that will be assessed beginning 2013-14 to property within the former Whisman School District boundary. The district merged with the Mountain View School District in 2001.
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This means a savings to taxpayers, according to the district.
"While the refunding of the bonds will not generate revenue or savings for the District," stated Superintendent Craig Goldman, "we were excited to be able to take advantage of this unique opportunity on behalf of our taxpayers."
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A double "A" —or "AA"—helped the district secure interest rate from rating agency Standard and Poor’s.
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