Fillmore Unified School District completed a refinancing of general obligation (GO) bonds on December 9. The District’s refinancing of two series of bonds exceeded projected savings and lowered interest rates from an average of 4.58 percent to 2.11 percent, saving Fillmore property taxpayers $2,103,023 over the next 11 years.

“I applaud our Board of Trustees for providing direction to our District, which holds fiscal responsibility as one of its core values,” said Dr. Adrian Palazuelos, superintendent of Fillmore Unified School District. “Through the refinancing of these bonds, Fillmore Unified is working diligently to identify opportunities to provide a savings to taxpayers and continue its work as responsible stewards of financial resources.”

The average assessed value for a single-family home in the District is $247,428. The annual savings for the average homeowner will be $26 per year, or $286 in total, over the next 11 years.

Dale Scott and Company, the financial advisor for the District, managed the competitive bidding process for the refinancing bonds. The district received bids from five institutional investors. Hilltop Securities Inc. produced the winning bid.