The Las Virgenes Unified School District is proud to announce its most recent initiative to benefit students and community members. Under the leadership of the School Board, the District chose to take advantage of historically low interest rates to refinance some of its older General Obligation Bonds and also its Certificates of Participation debt. The District was able to do so without extending the term of either the bonds or the debt.
The District selected the right time to refinance the General Obligation Bonds and its Certificates of Participation. Through this effort the District was able to reduce the interest rate on the bonds from 7.26% to 2.81%; reducing the community’s tax bill by about $6.704 million over the next 17 years. Likewise, the District was able to reduce the interest rate for the Certificates of Participation from 4.86% to 3.18%; reducing the District’s debt burden by about $1.818 million over the next 20 years. This reduction in the debt burden will increase the available funding for students in the classroom.
The Board, the Superintendent and District staff pursued both opportunities on behalf of the District’s students and local taxpayers as part of their continued support for the education of the children of the community. The District notes that it will not receive any direct savings for the refinanced bonds; all of the savings is passed along to local taxpayers.
Some highlights of the Bonds and Certificates of Participation refinancing are: