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Bond refinancing saves taxpayers $2.5 million

Santa Rosa City Schools has refinanced outstanding general obligation bonds, which will generate savings for District taxpayers of more than $2.5 million over time. The bonds were originally authorized by voters at previous elections in 1991 and 2002. The average interest rate on the prior bonds was 4.89%. The true interest cost for the refunding bonds was 1.72%, a difference that will save property owners more than $2.58 million over time. In addition, the refinancing shortened the outstanding debt from the previous terms by two years. Learn more on our Bond web pages.