RICHMOND -- The West Contra Costa school board estimates it will save district property owners a total of $10.3 million in property tax assessments to pay off general obligation construction bonds over the next 20 years.
The district on Thursday refinanced at a 3.68 percent interest rate nearly $77.5 million in bonds approved by voters in 2002 and 2005. The proceeds of the refinanced bonds will be used to pay off the original bonds that were sold at a 4.96 percent interest rate.
"By taking advantage of historically low interest rates and aggressively looking for ways to reduce the burden on taxpayers, the district is responsibly handling the investments our community has made in our schools" Board President Charles Ramsey said in a news release. "Those investments have resulted in safer schools and modern classrooms that have the technology our students need to compete in the modern economy."