|MVLA bond refinancing saves taxpayers|
|Written by Town Crier Report|
|Wednesday, 03 October 2012|
The Mountain View Los Altos Union High School District refinanced existing general-obligation bonds Sept. 20, resulting in approximately $1.1 million in savings to taxpayers over the next 10 years.
The district borrowed money at lower interest rates to pay off bonds that carried higher interest rates. The savings from refinancing will be passed on to district taxpayers in the form of slightly lower property-tax assessments.
“The board takes its fiduciary responsibility to our highly supportive community very seriously,” said Superintendent Barry Groves. “With this action, the board reaffirmed its commitment to maintaining sound public finances for our district and our community.”
The 2012 Refunding Bonds took advantage of the historically low interest-rate environment to refinance $17.39 million in outstanding general-obligation bonds. The interest rate on the outstanding bonds totaled 4.93 percent, while the rate on the 2012 Refunding Bonds was 2.09 percent.
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