Geyserville Unified School District has refinanced outstanding general obligation bonds, which will save the district’s property owners over $565,000 in taxes. The refunding bonds, totaling $2,587,500, were originally from the district’s 2008 bond authorization, which was approved by 69 percent of voters in the February 2008 election.
The bonds were intended for repairing, upgrading, replacing and acquiring safety, communication, electrical and heating/air-conditioning systems for Geyserville schools.
The interest rates on the previous bonds were between 4.875 and 5 percent. The interest rates for the new bonds will be 2.37 percent, a difference that will save property owners $566,694.
Geyserville Unified superintendent Deborah Bertolucci said, “We know that our community supports our schools, and as stewards of taxpayer dollars, we felt this bond refinance was the right thing to do.”
The refinancing of the bonds was authorized by the district board at its June 21 meeting. “As fiduciaries to our community, we are pleased to have taken advantage of the low interest rate environment” said Board of Trustees President, Kim Petersen.
Property owners in the district will see a reduced rate on future tax bills.
— Leila McPhee
