DISTRICT MOVES TO LOWER INTEREST.Byline: Eugene Tong tong 1 tr.v. tonged, tong·ing, tongs To seize, hold, or manipulate with tongs. [Back-formation from tongs. Staff Writer NEWHALL - The Newhall School District The Newhall School District is a school district in the Santa Clarita Valley that serves the Valencia and Newhall communities within the city of Santa Clarita, California, as well as the Stevenson Ranch community in unincorporated Los Angeles County. has refinanced $17.5 million from a school building bond taxpayers approved in 1999, a move expected to reduce overall debt payments by $3.4 million and deliver additional funds to current construction projects. This was the second time in six months the district refinanced bonds under Measure K, which authorized $35.5 million in bond sales to fund a new elementary school elementary school: see school. and renovation at aging campuses. ``The taxpayers of the district overwhelmingly endorsed our efforts to build classrooms and modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. sites in the original election for the bonds,'' Superintendent Marc Winger said. ``This refunding allows us to continue further to carry out their mandate.'' Under the scheme, interest for the $17.5 million 2002 Series B bonds has been reduced from 5 percent to about 3.7 percent, and the debt payment term shortened from 25 to 15 years. The refunding also is expected to add $650,000 to district coffers. ``The (payments) are a little higher than the original bonds, but the shortened debt service saves over $3.4 million for taxpayers,'' Newhall school board President Steve Tannehill said. ``We take stewardship of this taxpayer-approved money very seriously and saw this as a great opportunity to extend the funds available for construction.'' The district - now with roughly $9.6 million in Measure K funds - must ensure the money pays for building and earthquake renovation at Newhall and Peachland schools, Winger said. The two projects, scheduled to begin late next year, will likely face higher costs due to ongoing labor and materials labor and materials (time and materials) n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. shortages. ``We were worried whether we could do it,'' Winger said. ``But now we have $9.6 million - it gives a little bit more ability to stretch a little further.'' Newhall opted for a similar refinancing Refinancing An extension and/or increase in amount of existing debt. scheme in February, when it shrunk the interest rate and payment term of its 1999 Series A bonds. The transaction shaved about $93,800 in payments over the next 21 years, and allowed the district to pull $800,000 into its construction fund. Building projects completed with Measure K funds include renovation at Meadows, Wiley Canyon and Old Orchard schools and the construction of J. Michael McGrath Michael 'HOPPER' McGrath is a former Irish sportsperson who played hurling with Galway in the 1980s. Michael Mc Grath, was born on the 30/6/1963 who hails from the Sarsfields club in County Galway, was an outstanding score-getter during his inter-county career. Elementary. Eugene Tong, (661) 257-5253 eugene.tong(at)dailynews.com |
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