The Goleta Union School District has refinanced its bonds to take advantage of low interest rates, saving local property owners $1.25 million over the next 16 years.
The $26 million in 1996 general obligation bonds was used to fund renovation projects and building new classrooms.
Goleta Union received a high rating because of its low overall debt and stable financial position, which made borrowing costs for the bonds drop to an average rate of 3.32 percent. Bonds were sold June 27 to Wells Fargo Securities.
“The board felt as stewards of public dollars it was our responsibility to take advantage of this bond refunding opportunity,” Superintendent Bill Banning said in a statement. “We are excited to pass on this savings to our local homeowners and businesses.”
The district already spent those funds, but it is starting to think about energy-efficient projects as part of Proposition 39 funding. Community colleges and K-12 schools get apportion of the $1 billion in increased income taxes from Prop. 39, which made multistate firms pay a percentage for the sales done in California.
District leaders are considering options such as efficient LED lighting and a small-scale solar project.
The 2013-14 school year, which starts Monday, is the second year for Banning. He replaced Kathy Boomer last June and will help the Board of Trustees review the district’s Strategic Plan.
The document will go beyond the implementation of the new Common Core State Standards, coming in 2014, and lay out the district’s long-term vision.