The Buellton Union School District’s board of trustees voted at its Feb. 16 meeting to refinance a general obligation bond passed by voters in June 2012, saving constituents about $1.2 million over the next 11 years.
This was the shortest-term option for the district to pay back the $3.2 million bond, which funded the installation of solar panels at Jonata Middle School and Oak Valley Elementary, among other facility improvements. Taxpayers will pay a higher tax rate for this refinancing option, but do so over a shorter period of time, concluding the payback by 2028—and ultimately saving more than a million dollars.
“It’s more financially efficient, you’re saving taxpayers more money, and you’re getting additional fund dollars,” district financial advisor Jon Isom told the Sun.
This payback option will provide $650,000 in additional project funds for the school district, allowing it to complete more projects and do so faster.
Superintendent Randal Haggard said the decision should prove beneficial for both the district and the taxpayers.
“From my perspective, it looks like a win-win for the community,” Haggard told the Sun in a previous interview.
