WVUSD: 2019/2020 Year-End Results
Refunding of Existing Debt
The Walnut Valley Unified School District was proud to announce its most recent initiative to
benefit students and community members. The District chose to take advantage of historically
low interest rates by refinancing some of its old General Obligation (GO) Bonds. The District
was able to reduce the interest rate on the prior Bonds from 5.00% to 3.05%, thus reducing the
community’s tax bill by about $5.2 million from 2021 to 2041.
While the District itself will not receive any part of the savings, the Board of Trustees,
Superintendent, and District staff pursued this opportunity strictly on behalf of local taxpayers as
part of their continued support for the education of the children in this community.
Some of the highlights of the 2019 refinancing were:
• $5,182,056 of savings from 2021 to 2041
• Average old interest rate: 5.00%
• Average new interest rate: 3.05%
• All Current Interest Bonds
• No Capital Appreciation Bonds
• 1.51 to 1 repayment ratio
Novel Coronavirus (COVID-19) Epidemic
In mid-March, the Walnut Valley Unified School District made the difficult, but necessary,
decision to close our schools due to the threat of COVID-19. The school closures were
ultimately determined to continue through the end of the 2019/2020 school year and called for
a number of actions to be taken in response. With the shelter in place “Safer at Home” order
from the Governor, the District had a number of operational functions to be completed …
educational agencies were deemed essential services by the State of California.
Our Nutrition Services Department continued providing free meals to our community every day
– Monday through Friday. These services have resulted in nearly 2,000 families receiving
breakfast and lunch daily.
In addition, to carry out these essential services, numerous supplies were needed. Thousands
of protective masks and gloves were ordered and received by the Purchasing/Warehouse
Department in addition to the technology that was required to execute Distance Learning.
Purchasing has also continued with contracts and bids related to all construction projects as
previously scheduled.
35