FOR IMMEDIATE RELEASE - August 21, 2015
SOUTH BAY UNION SCHOOL DISTRICT ANNOUNCES BOND REFINANCE
District Taxpayers to Save Thousands of Dollars in Savings
Eureka, CA, August 21, 2015: South Bay Union School District is pleased to announce that our District taxpayers will save thousands of dollars due to the effort of Superintendent, Gary Storts. The South Bay Union School District recently locked in significant savings of approximately $125,000 for local taxpayers by refinancing a $1.5 million General Obligation Bond which was approved by voters in June 1998.
100% of the savings generated from the Bond refund will go back to the District taxpayers in the form of decreased property tax bills. South Bay Governing Board President, Jacob Coan, stated, “We were very excited about this opportunity, and look forward to any positive effect this may have on our community. This Board takes its fiscal responsibilities seriously. We hope this instills confidence and good faith among our community members and partners. We are pleased with efforts of Mr. Storts, first to bring us this opportunity and then with his quick action to see this through. It came together nicely to benefit us all.”
The District took advantage of the low-interest-rate environment and saved the District taxpayers nearly 10% of the original $1.5 million General Obligation Bond by replacing the old interest rate of 4.76% with new bonds at an all-inclusive interest rate of 2.38%. District taxpayers will notice a reduction on their property taxes over the next 13 years, beginning with their 2015-16 property tax bills.
If you would like more information about this topic, please contact SBUSD Superintendent, Gary Storts at 707.476 .8549 or email at firstname.lastname@example.org.