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MVWSD recently locked in savings of over $3.1 million for local taxpayers by refinancing bonds originally approved by voters in 2012 through Measure G.
The District replaced prior bonds with an average interest rate of 3.38% with new bonds at an all-inclusive interest rate of 2.82%, without extending the term of the bonds. The refinancing savings are a win for taxpayers because they result in lower property taxes. Once the District identified an opportunity to refinance in a way that benefited the community, the Board and staff moved quickly to pursue it.
The District received the highest ‘Aaa’ rating from Moody’s Investor Service as part of the refinancing process. The incredible rating was the result of the District’s strong local economy, community-funded status, and track record of financial conservatism and outperformance.