By Richard Bammer
A special meeting within a regular meeting, the second interim budget report for 2014-15, and a state-of-the-school update on Will C. Wood High are on the agenda when Vacaville Unified leaders meet tonight.
After a closed session, the seven-member governing board will recess to hold a public facilities financing corporation special meeting to hear a report about the district’s certificates of participation refunding. (Certificates of participation are financial products used by government entities, such as city councils or school boards, allowing for the purchase of a share of the lease revenues of an agreement made by the government entities.)
A representative from Isom Advisors, a Walnut Creek firm which provides financial advice to a number of California school districts, will make the presentation. In short, it will show how much the district will save — notably an estimated $4.5 million — by refunding the certificates at a lower interest rate, between 0.3 percent and 3.72 percent instead of 4.75 percent and 7.25 percent, the latter being 2008 rates.