Gilbert Public Schools took advantage of low interest rates and rapidly appreciating property values to accelerate some of its capital projects while maintaining its property tax rates, district officials told the governing board Oct. 11.
Selling those voter-approved bonds early, while the rates were low and property values skyrocketing, not only got projects done early but stood to save taxpayers money as interest rates have subsequently risen, said Bonnie Betz, the district’s business services assistant superintendent.
Betz’s comments came during a presentation to the board on how the district had spent its maintenance and operations override and unrestricted capital bond money. The presentation is required by state law as those monies are voter-approved.
