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Soquel School District Saves Taxpayers over $1 Million

The district refinanced old bonds to generate major savings for local taxpayers.

The Soquel Union Elementary School District released the following information Tuesday evening:

Soquel Union Elementary School District is proud to announce its most recent initiative to benefit its students and the community. This initiative will deliver immediate tax relief to local taxpayers from the refinancing of some of the District’s Election of 2002 General Obligation Bonds.

Under the leadership of the board of trustees, Superintendent Henry Castaniada and Assistant Superintendent Harley Robertson, the District chose to take advantage of historically low interest rates to refinance a portion of the old bonds without extending the life of those bonds.

The district was able to reduce the interest rates on the prior bonds from 4.46 percent to 2.83 percent, resulting in more than $1.26 million savings over the life of the refinancing bonds.

“Saving our local taxpayers $1.26 million dollars is a direct result of a team effort in implementing effective cost saving strategies for our district and community-at-large," said Superintendent Henry Castaniada.

While the district will not receive any part of the tax savings, the board and superintendent pursued this opportunity strictly on behalf of local taxpayers as part of their continued collaboration in working jointly to create a dynamic learning community.

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