The Lompoc Unified School District has refinanced outstanding general obligation bonds, which will save the district’s property owners more than $1.1 million in taxes.

The refunding bonds, totaling $9.9 million, were originally authorized by more than 55 percent of voters at the November 2002 election and were used to renovate, construct, upgrade and repair classrooms and school facilities throughout the district.

The interest rates on the outstanding bonds from the previous authorizations were between 3.88 percent and 4.37 percent. The interest rates for the new bonds issued this April will be between 0.25 percent and 3.45 percent, a difference that will save property owners $1,102,299.

“Part of my job as assistant superintendent of Business Services is to keep a mindful eye on our bonded debt obligations and seek any opportunity to save taxpayers money,” Sheldon Smith said.

Superintendent Trevor McDonald added, “In the current low interest rate environment, we felt it was the right time to take action and reduce our prior debt obligations.”

The refinancing of the bonds was authorized by the district board at their Feb. 24 meeting.

“We know that our community supports our schools, and as stewards of taxpayer dollars, we felt this bond refinance was the right thing to do,” board president Steve Straight said.

Property owners in the district will see a reduced tax rate on future tax bills.