Fresno, CA, – October 24, 2018. Washington Unified School District has refinanced prior general obligation bonds of the West Fresno Elementary School District which was annexed into Washington Unified in 2010. The refunding will save the property owners money, over the next seventeen years, and will also shorten the final bond payment. The 2018 Refunding Bonds were approved by the Board of Trustees on October 9th to refinance general obligation bonds sold in 2010. The prior bonds were originally authorized by the West Fresno Elementary District’s voters at an election in 1997 to finance school improvements.
The Interest rate on the prior bonds was 6.600% and the interest rates for the 2018 Refunding Bonds, which were set at a sale to investors on October 18th, range from 3.353% to 4.400%. The difference in rates will save property owners $301,992.
Superintendent Morris stated, “By refinancing these bonds, we were able to lower tax rates for our District’s residents. This will help local residents who have shown their commitment to and trust in the District by approving the bonds and supporting the District over the years.” CBO Chris Vaz added, “Interest rates remain lows; as stewards of the community, we could not pass up the opportunity to lower bond payments and tax rates for our residents.”
Property owners in the District will see a reduced tax rate on future tax bills.