PALMDALE – Westside Union School District has refunded outstanding general obligation bonds, which will save district property owners $1,601,318 in taxes, officials announced Thursday.
The refunding bonds, totaling $13,410,000, were originally authorized by more than 55% of voters at a November 2008 election and were used for the renovation, modernization and construction of various classrooms and school facilities throughout the District.
The interest rates on the outstanding bonds from the 2008 authorization ranged from 3.02% to 6.72%. The interest rates for the new bonds issued in May of this year will be much lower with a range from 1.89% to 3.07%, a difference that will save property owners well over a million and half dollars.
“As the individual responsible for District finances, I am fortunate to work for a board and superintendent that will make every effort to find opportunities to save taxpayers money,” said District Assistant Superintendent of Administrative Services Shawn Cabey.
Superintendent Gina Rossall added, “With interest rates extremely low, we felt it was the right time to take action and save our community money.”
The refinancing of the bonds was authorized by the District Board at their May 7, 2019 meeting.
“We know that our community supports our schools, and in turn we wanted to give back to our community by saving taxpayer dollars,” said Jennifer Navarro, Board of Trustees Vice President.
Property owners in the District will see a reduced tax rate on future tax bills.
[Information via news release from Westside Union School District.]