MVUSD Saves Taxpayers $1.2 Million by Refinancing Bonds

Local property taxpayers can expect to see bond refinancing efforts by the Murrieta Valley Unified School District reflected as savings on their tax bills.

The district announced Wednesday it has completed a successful initiative that will save property taxpayers $1.2 million over the next 14 years.

Taking advantage of "historically low interest rates," the school board in November 2011 voted to refinance some of the district's election of 1998 and 2002 bonds, said District Spokesperson Karen Parris, in a news release.

This resulted in $250,000 worth of bond interest rate savings for property taxpayers, she said.

Another $917,000 was saved in June when board members again authorized refinancing a portion of the outstanding bonds, she said.

"The district was able to reduce the interest rates on the prior bonds from 4.55 percent to 2.55 percent, reducing the tax bill for local property owners by more than $1.2 million," Parris said.

"Refinancing the bonds did not result in any costs to the district or to property owners and it did not extend the life of the bonds."

While the district will not receive any part of the savings, the board members voted unanimously to pursue this opportunity on behalf of local taxpayers, she said.

Board President Paul Diffley commended the initiative taken by staff.

"We appreciate the actions taken by district staff to give Murrieta taxpayers some needed relief. Kudos to our sharp staff for staying on top of district finances in these difficult times," Diffley said.