Evergreen Public Schools refinanced a portion of voter-approved bonds Thursday — a move that will save taxpayers $3.5 million during the next 10 years.
The refinanced bonds were part of a $167 million package of projects approved by voters in 2002. The bonds were sold in 2003 with an interest rate of 5.13 percent. The refinanced bonds have an interest rate of 2.2 percent, according to the district.
The new, lower-interest bonds were sold through a competitive bidding process approved by the district’s board of directors last week. The district received eight bids from underwriting firms from across the country.
“We are always looking for ways to save our taxpayers money, and we closely monitor refinancing opportunities as part of that goal,” Superintendent John Deeder said in a news release. “These bonds can only be refinanced one time, and we want to make sure to use that opportunity wisely.”
Recently, many cities and school districts have taken advantage of lower interest rates and competitive bidding to save taxpayers money on bonds.
Last month, the La Center School District refinanced bonds to save $1.19 million. In March, the city of Battle Ground refinanced limited tax general obligation bonds to save nearly $200,000.
In January, Evergreen Public Schools refinanced other bonds to save nearly $4 million.
As part of the sale of the lower-interest bonds, Moody’s Investors Service affirmed Evergreen Public Schools’ rating of Aa2, making the district one of the highest-rated districts in the state.
Proceeds from the Evergreen Public Schools bond voters passed in 2002 were used to build Columbia Valley Elementary School, Union High School and Endeavour Elementary School.
In addition, the bonds paid for the remodel of Evergreen High School and rebuilds of Cascade Middle School, Covington Middle School and Orchards Elementary School.
Marissa Harshman: 360-735-4546 or marissa.harshman@columbian.com.
