(IVC Refinances Bonds)…They say it was to save taxpayers over $2.26 million.

The Imperial Valley Community College District has successfully refinanced a portion of its general obligation bonds to avail itself of interest rates that are near historic lows and to generate over $2.26 million in savings in future general obligation bond payments. They say these savings will benefit residents and businesses in the form of lower property tax bills. The District’s Board of Trustees directed the financing team to complete this transaction at their September meeting. As a result of the refinancing, the interest rate on the bonds was lowered from 4.80 percent to 3.18 percent.