“We know that in today’s challenging economic times, anything you can do to lighten the load for people in the community is worth doing,” said Superintendent Gabe Soumakian. The bonds that were refinanced were authorized by voters in March 1996, refinanced in 2003, and now again in 2012 at an even lower interest rate. Although refinancing does not extend the payoff date, the interest rate has been cut almost in half. The average interest cost was 4.32% and will now be reduced to 2.78%.
By refinancing the 2003 bonds, the district was able to take advantage of historically low interest rates, benefiting the taxpayers beginning in the 2012-2013 tax year. “The School Board felt as stewards of tax dollars it was the right thing to do, said Board President Dick Jaquez.”
The district’s positive credit rating enabled the district to receive a reduced rate for the community.