Reissued School Bonds to Cut Tax Payments
The sale of special tax refunding bonds will save property owners in Aliso Viejo and part of Mission Viejo an estimated $9.7 million, Capistrano Unified School District trustees said this week.
The bonds, sold Aug. 29, will reduce taxes on developed and undeveloped properties and also provide about $3 million in financing for new schools without increasing the overall debt payment, officials said.
“The deal is record-breaking,†said Terri E. Lunine, deputy superintendent of the school district. “This is the only way we’ll be able to build school facilities in the future.â€
In 1987, trustees formed the Community Facilities District to raise money by selling bonds. One bond issue was sold in 1989 for more than $44 million and another in 1990 for about $33 million.
Taking advantage of the current low interest rates, the newly formed Capistrano Unified Public Financing Authority bought the old bonds and issued new ones at a lower rate.
Owners of undeveloped properties are projected to see tax savings through 2001 totaling $2 million. Owners of developed property are expected to save more than $7.7 million, starting in 2002 through the final maturity of the bonds in 2020, officials said.
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