The South Whittier School District recently locked in savings of over $1.2 million through 2029 for local taxpayers by refinancing Measure I bonds previously approved by voters in November 2004.
The District had originally issued $7.5 million of bonds in March 2005 to finance the repair, renovation and upgrading of certain District property and facilities.
“Interest rates are near historic lows and we pursued the opportunity to lower the tax burden of our community,” said Mark Keriakous, Associate Superintendent Business Services. “Our community has been extremely supportive of our educational mission, and as stewards of their dollars, we are excited to be able to provide these significant savings.”
The District explored all avenues of financing and pursued a private sale as it allowed the District to achieve significantly lower interest rates than the typically used public sale. The District replaced a portion of the 2005 bonds at an average interest rate of 4.54% with new bonds at an all‐inclusive interest rate of 2.71%.
All of the savings from the refinancing will be realized by District taxpayers in the form of lower property tax bills over the next thirteen years, beginning with the 2016-17 property tax bill.
The District had originally issued $7.5 million of bonds in March 2005 to finance the repair, renovation and upgrading of certain District property and facilities.
“Interest rates are near historic lows and we pursued the opportunity to lower the tax burden of our community,” said Mark Keriakous, Associate Superintendent Business Services. “Our community has been extremely supportive of our educational mission, and as stewards of their dollars, we are excited to be able to provide these significant savings.”
The District explored all avenues of financing and pursued a private sale as it allowed the District to achieve significantly lower interest rates than the typically used public sale. The District replaced a portion of the 2005 bonds at an average interest rate of 4.54% with new bonds at an all‐inclusive interest rate of 2.71%.
All of the savings from the refinancing will be realized by District taxpayers in the form of lower property tax bills over the next thirteen years, beginning with the 2016-17 property tax bill.