During their meeting on April 19, the Morongo Unified School District Board of Trustees authorized the refinancing of bonds in the district, a move that is projected to save local taxpayers over $2 million. At their meeting on April 19, the Morongo Unified School District Board of Trustees voted unanimously to approve the refinancing of portions of district Election of 2005 General Obligation (or “GO”) Series C Bonds, as well as its 2012 GO Refunding Bonds. This action is projected to save property owners in the district over $2.18 million in taxes in the form of reduced tax rates on future tax bills. With interest rates on the older bonds ranging from 2.63% to 5.00%, the interest rate for new bonds is set at 2.50%. According to Superintendent Doug Weller, “Our District administration and Board of Trustees saw an opportunity to save taxpayers money and decided now was the right time.”
