LA QUINTA – At a time when most residents could likely use a few extra dollars in their wallets, the Desert Sands Unified School District finalized the sale of General Obligation Refunding Bonds that will deliver more than $5.5 million in tax relief to the community.
The sale was final on May 5.
District officials could not immediately say what the tax relief might mean to the average homeowner.
The District refinanced General Obligation Bonds (“GO Bonds”) issued under Measure K and Measure KK, which voters approved in November 2001 and November 2014, respectively.
In 2001, Measure K passed with more than 80 percent approval and infused the district with $450 million for school renovation and improvement and the purchase of needed school equipment.
In November 2014, voters approved Measure KK, a bond measure that generated $225 million for needed renovations and updates to DSUSD schools while improving safety and security, enhancing energy efficiency, equipping classrooms for 21st century teaching and learning, and strengthening pathways for student success in college and career.
Measure KK funds were designated to upgrade classrooms, labs and technology; repair roofs, electrical and plumbing systems and repair, construct, acquire and equip classrooms
The District achieved the savings by taking advantage of low interest rates without extending the term of the originally issued General obligation Bonds.
Under state law, all savings, tax relief, from refinancing Measure K and Measure KK bonds will go directly to the taxpayers. The District will not receive any additional funds.
- Tax relief: shutterstock