District officials state that the move will save taxpayers $2.5 million
Ridgefield School District has successfully taken advantage of current low bond interest rates to save taxpayers more than $2.5 million over the next 10 years. A sale of bonds authorized by the district’s Board of Directors will refinance bonds issued in 2012 that financed renovations and an expansion at Ridgefield High School and expansions at the district’s two elementary schools, Union Ridge and South Ridge elementary schools. The overall borrowing rate for the new bonds sold on September 20 is 3.08 percent, compared to the previous rate of 4.52 percent.
“This is a great opportunity to save our taxpayers a significant amount of money,” said Superintendent Dr. Nathan McCann. He emphasized that the anticipated savings will go directly to taxpayers through lower future tax collections. “This money will now stay in our community and local economy rather than pay interest on bonds.”
Although there has been substantial volatility in the bond market over the past couple of months, the interest rates on these types of bonds are still relatively low, which allowed the refinancing to exceed the board’s savings target, according to Paula McCoy, the district’s executive director of Business Services. “We have been monitoring the market closely over the past year to identify the best opportunity to refinance the district’s 2012 bonds. We are very happy to be able to provide significant savings to the district taxpayers,” McCoy said.
As part of the sale, the district received a strong credit rating of “Aa3” from Moody’s Investors Service. Moody’s noted the district’s voter support for operating levies among credit strengths, but also noted the recent bond measure failures “have the potential to escalate as a credit issue given the rapid student enrollment growth and facility needs.”
“This refinancing is one more way to demonstrate to our community our commitment to fiscal stewardship of the funds entrusted to us,” said Joe Vance, president of RSD’s Board of Directors. “We want our community to know that we do everything we can to minimize the costs of our bonds.”
Information provided by Ridgefield School District.
Also read:
- Fiscal fallout: $375 million bond debt indirectly funding operating budget
Shifting $375 million from a loan fund impacts local infrastructure as Washington state covers operating costs with bond debt, prompting concern among officials and advocacy groups. - Lawsuit aims to block new eligibility requirements for WA sheriffs
Four sheriffs are suing over a state law that sets new eligibility rules, arguing it undermines voter authority by allowing removal for certification issues. - Opinion: The growing gap between public voice and political power
Todd Myers describes how large-scale protest and sign-ins often fail to sway state leaders, and argues authentic influence is most likely found through local action. - City of Battle Ground seeks applicants for Salary Commission vacancy
Battle Ground seeks a resident to join its independent Salary Commission, which reviews compensation and health benefits for local elected officials through 2027. - Opinion: Who is winning the race for affordable power?
Hydroelectric power keeps Washington competitive, but new laws and carbon pricing are driving up electricity costs for residents each year. - Vancouver Fire Department assists with Columbia River Marina fire response
Vancouver Fire Department joined Clark-Cowlitz and Scappoose crews to help fight a vessel and dock fire at Goble Marina, assisting in river operations where one boat sank and another was partially submerged. - White House govt. Funding request for 2027 cuts $73 billion
President Trump’s budget seeks to boost defense funding while cutting $73 billion from agencies like the EPA, NASA, and Agriculture, prompting sharp criticism from Democratic leaders.
