Low Interest Rates Spur Library Bond Refinancing

The drop in interest rates has prompted the Palos Verdes Library District to refinance a $16-million bond that was issued in 1991 to pay for the construction of the Peninsula Center Library in Rolling Hills Estates.

Library officials said the district has already repaid $2 million of the 25-year bond that was issued and will refinance the remaining $14 million. Officials said capitalizing on the low interest rates will save homeowners an estimated $1.3 million in taxes over the next two decades.