Schools
Edmonds School District Refinances 2006 Bonds to Save Money
Move expected to save taxpayers $5.1 million over eight years.
The Edmonds School District reports that it has refinanced 2006 bonds in order to take advantage of lower interest rates. The recent refinancing will save taxpayers a total of over $5.1 million during the next eight years.
Executive Director Stewart Mhyre emphasized that these savings flow directly to taxpayers through reduced tax levies and are not available for District expenses. “This is a direct savings to our community members in the form of taxes they expected, but will not have to pay.”
The Edmonds School Board accomplished these savings by approving the issuance of $87 million in refunding bonds in late July. The District has been monitoring bond market conditions and recent low interest rates allowed the District to exceed its savings target. Interest rates averaged 1.45 percent on the new bonds compared to 4.99 percent on the old debt.
In 2006, voters-approved a $140 million Capital Construction Bond measure by 62 percent, authorizing the District to rebuild Lynwood High School, which opened in 2009 and Meadowdale Middle School, which opened in fall 2011.
Additional facility improvement projects were also completed as a result of this funding.