September 14, 2020
By Kelli Gile, WVUSD Office of Community Resources
WALNUT, CA—Walnut Valley Unified School District has taken advantage of the current historically low interest rate environment with the sale of $47.9 million in Measure WV Series B Bonds.
At a competitive sale held August 12, the District received six bids from financial institutions around the country.
Bank of America Securities was awarded the 30-year bonds at an average fixed interest rate of 1.89%, which is significantly lower than the originally forecast 4.00% rate.
District officials estimate the financial transaction has saved local taxpayers $15.5 million in reduced interest costs.
“These extraordinarily low interest rates can be attributed to two main factors: wise market timing and the school district’s extremely high credit rating,” said Financial Advisor Timothy Carty from Piper Sandler.
“That credit rating is a testament to the strength of the entire Walnut Valley community as well as the steady leadership on the part of the school district Board and Administration.”
Proceeds from the sale of Measure WV Series B Bonds will continue to fund construction and improvement projects at school sites throughout the community.
Measure WV received voter approval during the November 8, 2016 election.
Watch us grow! Construction projects in Walnut Valley USD are made possible by community approval of Measure WV.
Shown: State of the art music building and 500 science building modernization at Diamond Bar High.
Shown: Two-story STEAM classroom building at Collegewood Elementary.