Press release from Eureka City Schools:

Eureka City Schools has refinanced $8.6 million in general obligation bonds, resulting in more than $1.5 million in savings for District property owners. The District leveraged favorable interest rates to refinance a portion of its Election of 2014, Series 2015 Bonds.

In November 2014, over 57% of District voters approved the sale of $49.7 million in general obligation bonds to improve student achievement by upgrading career technical and job training classrooms, enhancing technology, and constructing new classrooms and science labs.

The Series 2015 Bonds carried interest rates between 3.5% and 5.0%. The new refunding bonds carry an interest rate of 3.48%. This reduction will save taxpayers $1,504,595 and shorten the repayment period by one year.

Superintendent Gary Storts stated, “Our community has consistently demonstrated its commitment to providing safe, modern, and accessible learning environments for students. The support shown through the 2014 bond program continues to pay dividends, and this refinance reflects our ongoing responsibility to deliver strong fiscal stewardship on behalf of our taxpayers.”

Assistant Superintendent Paul Ziegler added, “Monitoring our debt obligations is a critical part of ensuring taxpayer dollars are used wisely. With interest rates lower than when the original bonds were issued, refinancing was a practical opportunity to reduce costs for the community.”

The Board of Trustees authorized the refinancing at its October 9th meeting. “We are deeply grateful for our community’s continued support of Eureka City Schools,” said Board President Jessica Rebholtz. “Their investment in the 2014 bond program helpedmake our campuses safer, more accessible, and better equipped for 21st‑century learning. This refinancing reinforces our commitment to protecting that investment and being responsible stewards of public funds.”

Property owners in the District will see reduced tax rates reflected on future tax bills.