Jessica Cejnar / Friday, Sept. 13, 2019 @ 1:47 p.m.
DNUSD Trustees Sell Final $4.9 Million of $25 million Voter-Approved General Obligation Bond
Del Norte Unified School District trustees Thursday authorized staff to sell the final $4.9 million in a series of bonds voters approved in 2008.
Trustees also authorized district staff to refinance bond series A and B. According to Jeff Napier, assistant superintendent of business, refinancing the bond series would save taxpayers a total of $1.4 million.
This decision comes after education finance advisor Jon Isom gave a presentation at the school board’s Aug. 22 meeting, urging trustees to take advantage of 3.09 percent interest rates in the taxable and tax-exempt bond markets.
On Thursday, Napier said interest rates are still low and recommended trustees approve refinancing the bond series.
In an earlier presentation on how the district would use a 3.26 percent cost of living adjustment from the state, Napier said those dollars can only be used on board-approved facilities projects. According to Napier, the school district has about $3 million in repairs to do at its campuses.
DNUSD’s current general obligation bond program goes back to 2008 when voters approved $25 million to upgrade, modernize and renovate existing schools. Up until Thursday, the district had sold $20 million in $5 million increments.
Since the bond took effect, property owners have paid an estimated $55 per $100,000 of assessed value, Isom told trustees on Aug. 22. Following the board’s decision to refinance the bond, property assessments will be lowered to $53 per parcel, according to Isom.