Board refinances bonds for savings
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September 3, 2009
The Wahkiakum School District has refinanced its school building bonds, Superintendent Bob Garrett reported this week.
The board of directors refinanced the bonds in order to take advantage of lower interest rates.
"The recent refinancing will save the district's taxpayers a total of over $79,000 during the next eight years," he said.
The board of directors, at its August 19 meeting, approved issuing new bonds in the amount of $1.165 million. The interest will be 2.7 percent, Garrett said; interest on the old bonds was 5.5 percent.
"This is a direct savings to our community members in the form of taxes they expected but will not have to pay," he said.
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