QUARTZ HILL — Westside Union School District property owners will see a reduced tax rate on future tax bills after the District refunded outstanding general obligation bonds, which will save district property owners $1,601,318 in taxes.
The District’s governing Board authorized the refinancing of the bonds at its May 9 meeting.
“We got really good response to it. We were really pleased,” Superintendent Regina Rossall said Friday.
Rossall added that a financial consultant who did a presentation for the Board estimated the District would get between $1 million and $1.3 million. Instead, the District got about $1.6 million.
“We refinanced a little over $13 million in loans. We got a much better interest rate and that savings on the interest rate goes back to the taxpayer,” Rossall said.
The refunding bonds, totaling $13.41 million, were originally authorized by more than 55% of voters in November 2008 for Measure WS, a bond that extended for 10 years an existing property tax that was set to expire in 2028. Bond funds were used for the renovation, modernization, and construction of various classrooms and school facilities throughout the District.
The interest rates on the outstanding bonds from the 2008 authorization ranged from 3.02% to 6.72%. The interest rates for the new bonds issued in May of this year will be much lower, with a range from 1.89% to 3.07%, a difference that will save property owners well over $1.5 million.
“As the individual responsible for District finances, I am fortunate to work for a Board and superintendent that will make every effort to find opportunities to save taxpayers money,” Assistant Superintendent of Administrative Services Shawn Cabey said in a statement.
“We know that our community supports our schools, and in turn we wanted to give back to our community by saving taxpayer dollars,” Board Vice President Jennifer Navarro said in a statement.