The Lompoc Unified School District recently refinanced outstanding general obligation bonds. The refinancing will result in local property owners saving more than $1 million, according a June 1 release from the district.
The bonds originally totaled $9.9 million and were authorized by voters in the November 2002 election. The funds were used to renovate, construct, upgrade, and repair classrooms and school facilities. The refinancing lowered the interest rates on the outstanding bonds, as authorized by the district’s board on Feb. 24.
“In the current low interest rate environment, we felt it was the right time to take action and reduce our prior debt obligations,” district Superintendent Trevor McDonald said in the release.
Property owners in the district should see a reduced tax rate on future property tax bills, the statement said. More information is available at 742-3300 or lusd.org.
This article appears in Jun 11-18, 2015.