December 10, 2019
Kelli Gile, Office of Community Resources
WALNUT, CA--The Walnut Valley Unified School District is proud to announce its most recent initiative to benefit students and community members.
Under the leadership of the Board of Trustees, the District chose to take advantage of historically low interest rates to refinance some of its old general obligation bonds.
The District selected the right time to refinance the bonds and was able to reduce the interest rate on the prior bonds from 5.00% to 3.05%, reducing the community’s tax bill by about $5.2 million from 2021 to 2041.
During the past few years, the District has consistently sought to benefit local taxpayers by seizing opportunities to refinance old general obligation bonds that have higher interest rates and replace them with new Bonds that have lower interest rates.
Since 2011, the District’s actions will have saved taxpayers about $18.1 million.
While the District itself will not receive any part of the savings, the Board, the Superintendent, and District staff pursued this opportunity strictly on behalf of local taxpayers as part of their continued support for the education of the children of the community.
Some of the highlights of the 2019 refinancing are:
1. $5,182,056 of Savings from 2021 to 2041
2. Average Old Interest Rate: 5.00%
3. Average New Interest Rate: 3.05%
4. All Current Interest Bonds
5. No Capital Appreciation Bonds
6. 1.51 to 1 Repayment Ratio