Valley School District has refinanced its callable 2005 and 2006 bonds in order to take advantage of lower interest rates. The recent refinancing will save the district’s taxpayers a total of $372,567 over the next 10 years.
Superintendent Kevin Foster 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 in the form of taxes they expected, but will not have to pay,” Foster said.
The Valley School Board accomplished these savings by approving the issuance of refunding bonds at its meeting held on Wednesday, April 20, 2016. The district has been actively monitoring bond market conditions and recent low interest rates allowed the district to exceed its savings target. Interest rates averaged 1.75 percent on the new bonds compared to 4.64 percent on the old debt.
For more information, contact Eileen Harris, Chief Financial Officer, Valley School District at (509) 937-2788.
-Submitted by Valley School District