Bond refinance saves taxpayers nearly $250,000

Bond refinance saves taxpayers nearly $250,000

Walla Walla 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 $243,535 during the next three years.

These savings flow directly to taxpayers through reduced tax levies and are not available for district expenses.

"We appreciate the support of our community over the years through the passage of capital improvement bonds so we can provide our students quality facilities to enhance their education," Superintendent Mick Miller said. "This refund serves as a thank you to our taxpayers for their generous support of public education and the needs of children in the Walla Walla valley."

The Walla Walla School Board accomplished these savings by approving the issuance of $2,850,000 in refunding bonds at its meeting held on July 20, 2010. 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 0.78% on the new bonds compared to 5.62% on the old debt.

For more information about the refinancing of these bonds, contact Communications Director Mark Higgins at (509) 526-6716.