Proposition M Bond Refinance a huge success
March 27, 2014 (La Mesa) -- The La Mesa-Spring Valley School District was able to refinance a portion of the Proposition M General Obligation Bonds saving $650,000. Much like a homeowner can refinance a home loan to obtain a better interest rate and lower their monthly mortgage payment a school district can refinance its bonds for a better rate and lower the bond cost to all property tax payers.
Board Member Bill Baber observed, “This refinancing is a good deal for La Mesa and Spring Valley taxpayers. It's rare when a government body can lower taxes, but we got it done."
The total net savings of the refinance is $650,000. The savings will be seen in property tax bills later this year.