Wed11262014

Schools

MVLA bond refinancing saves taxpayers


Photo By: Town Crier File Photo
Photo Town Crier File Photo

The Mountain View Los Altos Union High School District bond funds new classrooms for future growth and underwrote the installation of solar canopies in the high schools’ parking lots to boost energy efficiency.

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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