At the August 20th meeting of the Rancho Santa Fe School Board, Superintendent Lindy Delaney announced that the Rancho Santa Fe School District had successfully refunded its general obligation bonds last month. The repayment means that taxpayers around Rancho Santa Fe will save about $2.8 million dollars, which they will receive in the form of lower tax rates on future bills.
The total amount that has been refunded is $33.2 million. This amount comes from three different general obligation bonds issued in 1991 for $2.1 million dollars, in 2004 for $4.8 million dollars, and in 2008 for $34 million dollars. Those funds went toward construction and renovation projects for the Roger R. Rowe campus.
“Our community provides tremendous support to foster student education and this bond refunding is a way to do something meaningful for the taxpayers,” Delaney explained. “In addition to providing a strong education program and a safe environment for our students, we also are keenly aware that we play an important role in being financial stewards of the taxpayers’ money,” she added.
District Board President Todd Frank also pointed to the fact that by refunding the bonds the district would be in a better position to make future improvements. “Though this benefit doesn’t accrue to our annual operating budget, it does expand our future ability to finance our wonderful facilities — just good and prudent fiscal management.”