District refinances bonds to save taxpayers thousands
Walla Walla Public Schools this week refinanced a portion of its outstanding bonds in order to take advantage of lower interest rates saving taxpayers more than one quarter of a million dollars over the next three years.
Superintendent Rich Carter emphasized the approximately $256,000 in savings will flow directly to taxpayers through reduced tax levies and are not available for district expenses.
"This is a direct savings to our community members in the form of taxes they expected, but will not have to pay," Carter said.
The district accomplished these savings by approving the issuance of $7,510,000 in refunding bonds on March 12, 2008.
"The district has been monitoring bond market conditions over the past year and recent low interest rates allowed the district to exceed its savings target," Interim Business Manager Pat Johnston said. "Interest costs averaged 2.60% on the new bonds compared to 4.89% on the old debt."
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