Move expected to save taxpayers around $2 million dollars over the next 10 years
Washougal School District has successfully taken advantage of current low bond interest rates to save taxpayers around $2 million dollars over the next 10 years. A sale of bonds authorized by the Washougal School Board of Directors at the January 28 school board meeting will refinance bonds issued in 2015. The overall borrowing rate for the new bonds sold on March 11 is 3.10%, compared to the rate of 4.87% on the ten-year old bonds.
“This is a great opportunity to save our taxpayers a significant amount of money,” said Superintendent Aaron Hansen. He emphasized that the anticipated savings will go directly to taxpayers by lowering future tax collections. “Refinancing the 2015 bonds does not save the district money, it directly benefits Washougal taxpayers. This money will now stay in our community and local economy, rather than go to pay interest on our bonds.”
Although there has been substantial volatility in the bond market resulting in interest rates swinging over the past two months, the interest rates on these types of bonds are still relatively low compared to historical rates according to Shelese McConnell, the district’s School Finance Director. “We have been monitoring the market closely, hoping to have an opportunity to refinance these bonds. We are very happy to be able to lock-in these savings to the district taxpayers in a difficult market,” said McConnell. “This was our earliest opportunity to refinance these bonds. We may have another opportunity next year to refinance the second half of the voter approved bonds, which were sold in 2016, if rates remain low enough. We are hoping to provide some additional savings, but we’ll have to wait and see,” notes McConnell.
As part of the sale, the district received a strong credit rating of “A1” from Moody’s Investors Service, which helps lower the district’s borrowing costs. Moody’s recognized that the district has been making good progress toward improving finances and restoring financial reserves.
“We appreciate the investments local voters made in our schools when they voted to approve the bonds in 2015,” said Hansen. “This refinancing underscores our commitment to sound financial management of voter-trusted funds.”
Information provided by the Washougal School District.
Also read:
- WA and OR scale back I-5 Bridge ambitions as cost balloons
A $14.4 billion price tag prompts Washington and Oregon leaders to delay portions of the I-5 bridge project and prioritize just the main spans. - Opinion: Washington passed an income tax to fund education, then the same majority cut education — and left $700+ million on the table
State officials passed a new income tax to fund education, then approved over $1 billion in cuts—while forgoing $700 million in annual federal scholarships students could have received. - Letter: In defense of Joe Kent, a war hero
Ozzie Gonzalez shares a firsthand account of his time working for Joe Kent, emphasizing Kent’s military background and principled stance on foreign policy controversies. - Opinion: ‘Washington’s majority party is panicking’
Nancy Churchill argues that controversial state policies, including new taxes, law enforcement changes, and agency power grabs, are generating a wave of backlash in communities across Washington. - Letter: ‘Now we have Engineer Bob telling us the I-5 Bridge needs replacing because it is built on shifting sand with wooden structures’
Amboy resident Thomas Schenk critiques Democrat leadership, tax policies, and the addition of light rail to the I-5 Bridge, while urging Republican voters to participate more in midterm elections. - Clark County Baseball presents Baseballism Kickoff this week with action all over the region
Thirty-six teams from across the Northwest, including two state champs, are competing in free high school baseball tournaments at local turf fields in Vancouver, Camas, and Ridgefield. - The I-5 Bridge is vulnerable to collapse, but apparently not that vulnerable
State leaders and Vancouver’s mayor warn about bridge safety, but insist it’s safe enough for daily use as they focus on moving forward with a costly replacement including light rail—despite decades of public resistance.
