The Galt Joint Union Elementary School District recently completed the sale of $7.9 million in general obligation bonds to refinance bonds that voters approved in 2001.
Near historically low interest rates enabled the district to lower interest rates on bonds from 4 to 5 percent to 1.95 percent. The reduced interest rate translates to taxpayer savings of $1.4 million over the next 12 years, according to a press release.
Property owners in the district will see a reduction in their property tax bill as a result of the refinancing.
“The district is aware of the significant stress the current economic downturn has had on the finances of our taxpayers and felt a duty to take advantage of this opportunity to save our taxpayers money,” Superintendent Karen Schauer said in a written statement. “We appreciate the community support that we had to pass the bond measure in 2001 and commend the (school) board for being good stewards of the taxpayer’s dollars.”
Proceeds from the 2001 voter-approved bond measure have already funded modernization and new construction projects throughout the district.