The Santa Maria Joint Union High School District Board of Education voted to refinance outstanding general obligation bonds at its Nov. 10 meeting, a move that will save property owners more than $600,000 in future tax bills.
The refunding bonds, which total about
$12 million, were authorized by voters in November of 2000 and used to construct Pioneer Valley High School.
The interest rate on the outstanding C-2000 bonds was 5 percent. The interest rate for the new bonds is currently 1.65 percent. The savings is about $660,000.
Assistant Superintendent of Business Services Yolanda Ortiz said she believes “it was the right time to act” as interest rates are presently very low.
“We always are looking for ways to save taxpayers money,” Ortiz said.
Board President Victor Tognazzini agreed.
“As stewards of taxpayer dollars, the board and myself see this as a way to help the community for supporting our schools and public education in the Santa Maria Valley,” Tognazzini said.
This article appears in Nov 19-26, 2015.
