The El Centro Elementary School District Board of Trustees passed two resolutions Tuesday that may save district taxpayers and the district itself as much as $350,000 by refinancing two series of bonds and a lease agreement.
The first resolution calls for a refinancing to two series of bonds authorized for sale by the county Board of Supervisors in 1993 and 1994. The bonds, for $3 million and $3.6 million, were for building Sunflower Elementary and new building construction at Kennedy Middle School.
Arnold Preciado, assistant superintendent of business services for the district, explained that refinancing now under favorable market conditions will decrease the amount paid back by the taxpayers because of lower interest rates.
"Not too often does a school district refinance general obligation bonds," Preciado said.
"The district is always looking for ways to generate or save revenue. In this case, it will reduce property taxes," Preciado said.