School district refinances bond debt
The Laguna Beach School District is looking to refinance the bond debt of the Community Facilities District, which will save homeowners in the district 9.3%.
Dean West, director of fiscal services, said the school district saw that interest rates went down and found it in its best interest to refinance.
There are 567 homes in the Community Facilities District, which works much like a developer fee but rather than paid up front, homeowners pay it month to month, similar to mello roos type of tax, West said. The Community Facilities District covers facilities and renovations of school structures. The homes all surround El Morro Elementary School.
The homes are in the area of the school district, but not necessarily all within the city limits, West said, since some of the area is unincorporated.