Oakley Union Elementary School District Superintendent Rick Rogers announced last week that taxpayers will save $424,000 thanks to a better interest rate secured by the district on bonds paying for new schools.

As a result, property taxes will be reduced for district taxpayers and the bond will be paid off in 2023.

"We have a responsibility to those who supported the bond," said Rogers, "and we take that responsibility seriously. When we can save taxpayers money, we are going to do it."

In 1998 and 1999, the district issued two bonds for a total of $8.6 million at 4.82 percent in order to build Delta Vista Middle School, which opened in 2000. This year the bond is on new terms, with an interest rate of 3.82 percent, according to district financial advisor Charles Feinstein with KNN Public Finance.

"It's a full percent difference," said Feinstein. "What that translates into in terms of savings is that the community will save $424,000."

For more information, contact the district at 625-0700.