Fraser Valley Rec District refinances bonds, saves $1.1 million |

Fraser Valley Rec District refinances bonds, saves $1.1 million

The Fraser Valley Metropolitan Recreation District refinanced a portion of its outstanding 2008 general obligation bonds, saving taxpayers $1,127,180 over the course of the bond repayment, according to the district.

Together with a previous refinancing completed in 2013, the District has reduced taxpayer burden by nearly $1.7 million, according to District officials. Taxpayers will benefit from a lower mill levy for bond repayment.

The District’s 2008 bonds were originally issued to finance the voter-approved FVMRD Community Enhancement Projects. These projects included the District’s Grand Park Community Recreation Center, the addition of the Icebox ice rink, and a new irrigation system and clubhouse at the Pole Creek Golf Club.

“District board and staff worked very hard to bring this bond issue to market and take advantage of very low interest rates” said Board President John Kacik.

The District was able to lower its interest rate from 4.89 percent to 3.39 percent. For more information contact Scott Ledin at 970.726.8968

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