Submitted by North Thurston Public Schools
LACEY — North Thurston Public Schools has refinanced a portion of its outstanding bonds in order to take advantage of lower interest rates. The recent refinancing will save the District’s taxpayers a total of $4,210,756 during the next 13 years. These savings flow directly to taxpayers through reduced tax levies and are not available for District expenses.
“While the district does not yield any economic benefit from this refinancing, we remain committed to saving our taxpayers as much as possible when and where we can,” said John Bash, Chief Financial Officer for the district. “We are especially pleased to be able to extend this savings to our community during a difficult economic time.”
The North Thurston School Board of Directors accomplished these savings by approving the issuance of $39,465,000 in refunding bonds. The District has been monitoring bond market conditions over the past year and recent low interest rates allowed the District to actually exceed their savings target. Interest rates averaged 2.16% on the new bonds compared to 4.90% on the old debt.
