On Thursday, December 8, the Snohomish School Board took action to save Snohomish taxpayers $6.5 million over the next 12 years through the refinancing of bonds used to fund the district’s capital projects approved in the 2004 ballot measure.
“Through the Snohomish School District’s refinancing of the 2004 bonds, we will pay a significantly lower interest rate on these funds reducing the cost to our taxpayers,” said Tom Laufmann, Executive Director, Business Services and Operations with the school district. The district was able to refinance the bonds at a 2.42% interest rate (down from the previous interest rate of 5.0%).
“It’s a great time to be selling and refinancing bonds,” said Mark Prussing of Public Financial Management, the district’s financial advisor. “Through the prudent financial management of the district, Snohomish took advantage of a great deal for taxpayers, who will save millions of dollars in the years ahead.”
2004 $141.5 Million Capital Projects Bond
The voter-approved 2004 $141.4 million Capital Projects Bond was used to fund: