North Kitsap School District refinances debt for $752K savings
September 30, 2011 · 12:02 PM
POULSBO — North Kitsap School District sold bonds on Sept. 20 to refinance some of its existing debt at lower interest rates.
The result of the sale is a savings of $752,300 to taxpayers, according to the district website.
“The low interest rate environment enabled us to take advantage of this refunding opportunity and to pass that savings on to our taxpayers,” Superintendent Richard Jones said.
The district began the refinancing process in 2010, but when rates increased rapidly, the sale was delayed. The recent decline in rates produced a targeted savings and the district moved to market with its bond sale.
In 2001, voters approved a $60 million bond for building upgrades, renovations and the new construction of Kingston High School.
More construction projects were completed than initially outlined in the bond description due to an advantageous bond market, favorable construction climate and additional state matching funds, according to the district website.
More than $98 million worth of projects have been completed since the bond was approved.