Edmonds School Board approves refinancing of bonds; move saves taxpayers $5.1 million
During its regular meeting Aug. 14, the Edmonds School Board of Directors approved the refinancing of 2006 bonds in order to take advantage of lower interest rates. The recent refinancing will save the District’s taxpayers a total of over $5.1 million during the next eight years. The savings will be returned directly to taxpayers through reduced tax levies.
According to information sent by the school district Friday, the school board approved the issuance of $87,420,000 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, the district said.