According to the release, the district took advantage of low interest rates in the municipal bond market.
The refinancing of the district’s outstanding bonds is similar to refinancing a home to a lower-interest-rate mortgage, according to district spokesman Joel Danoy. The new bonds have lower interest rates than the older bonds, which reduces the district’s annual payments.
Voters approved the $51 million school bond in June 2006 to fund improvements at Tracy and West high schools. With state matching funds of $43.4 million, the district was able to complete $94.4 million in projects at the two high schools.
In June, the district will seek voter approval for Measure B, an $82 million bond to complete districtwide school renovation projects.
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