The information provided in the article is correct for the no tax implications on the interest for the original bond issue. The tax payers need to know that any future changes in the bond interest rate will be accessed to the taxpayer on their real estate taxes.
I know this because several years ago my real estate taxes went up and I called the county to understand why. They told me to call the community college as they were the reason my taxes went up. The college told me that the interest rate had changed on their bond and they had to pass the change onto the tax payers.