Pacific Grove Unified refinances bonds

Administrators with the Pacific Grove Unified School District have refunded $16 million in bonds at a lower rate, which will save taxpayers an estimated $3 million in payments.

"No-one of our work to prepare students for lifelong success would be possible without the active, ongoing support of our community," said in a statement John Thibeau, president of the board of trustees. "We will continue to prudently manage the investment of local taxpayers in the future of our students."

Measure D, a $42 million in bonds to repair and upgrade schools, was approved in 2007 with nearly 66 percent of the vote. The refunding brings interests rates down on some of the bonds authorized through this measure from 4.2 percent to 2.8 percent.