The Woodside Elementary School District has sold the $13.5 million in bonds approved by the voters in June at interest rates low enough to save taxpayers some money.
District officials say a combination of an excellent bond rating, local investment, and favorable market conditions allowed the district to sell bonds that will pay investors between 2 percent and 5 percent of tax-free interest.
Taxpayers will save $20 per year for each $1 million in assessed value of their property, because the tax rate will be $ 22.01 per $100,000 instead of the $24.05 per $100,000 that had been estimated, according to the district.
Bond money will go to new preschool classrooms, a new combination theater and gymnasium, and a new design lab for hands-on projects, with constructions scheduled to begin in June. Bond money will also pay for deferred maintenance.
Projected completion dates are early September 2015 for the preschool, the end of September 2015 for the design lab, and spring 2016 for the new multi-purpose building.
"We are very excited to begin improving our school," said Wendy Warren Roth, the district's governing board president.