School Board OKs Refinancing Plan
Property owners who live within the Oxnard School District’s boundaries should save about $500,000 collectively in taxes over the next few years, thanks to a bond refinancing package the district’s board approved last week.
The savings will occur when the elementary district refinances a series of school bonds at a lower interest rate. As property taxes help pay off the debt when bonds are sold, the lower interest rate will result in lower taxes.
Sandra Herrera, a district assistant superintendent, said some taxpayers may see slight decreases in taxes beginning in July.
“We so much appreciated what the taxpayers did” when they approved the bonds, Herrera said. “If we had a chance to refinance, we wanted to do that.”
The district’s San Francisco-based financial consultant on Friday was not able to provide figures on how much each taxpayer would save.
Voters approved a $40-million bond issue in 1988 to pay for the construction of four schools. The district is expected to finish the last building in 1997. Herrera said the interest rate was about 9.6% when the district sold the bonds in 1988. She said the rate now hovers around 5%.
The district refinanced another series of bonds tied to the $40-million issue in 1988, collectively saving taxpayers about $1 million, Herrera said.
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