SACRAMENTO — Jack O'Connell, State Superintendent of Public Instruction, made the following statement regarding an agreement reached today to allow the West Contra Costa School District to refinance its state loan:

"I’m pleased the Governor took my advice and has agreed to refinance the state loan to the West Contra Costa school district.

"This step is in the best interest of children in the district and will help the district further their ongoing successful efforts to improve student achievement and achieve fiscal stability.

"When I met with the Fast4Education demonstrators I was impressed with their commitment and passion for education. I hope that this agreement will give them the satisfaction that their efforts made a difference on behalf of the students in their community."

The district's original loan amount was $28.525 million. Their current annual payment is $1,863,550 at an interest rate of 5.692 percent. O'Connell had urged the Department of Finance to agree to allow the West Contra Costa School District to refinance its loan to take advantage of more favorable interest rates.