The Lake Stevens Board of Directors approved the refinancing of a portion of the 2005 bond that will result in a decrease in interest payments for taxpayers equaling more than $900,000 over the life of the bond. Last spring, the district refinanced $10 million of the 2005 bond, which saved taxpayers approximately $610,000.
The combined refinances save taxpayers a total of $1.5 million over the life of the bond.
Interest rates are currently lower now than they were when the existing bonds were issued. Refinancing this portion of the bonds will decrease the amount of taxes owed by the community.
The refinancing process did not incur any out-of-pocket expenses for the district and did not extend the terms of the bonds, which will be fully retired in 2024. The process was done with the goal of providing maximum savings to local taxpayers.
District administrators worked with bond counsel and bond underwriters to determine the amount and type of bonds to refinance to insure the best benefit for the community.
The $65.5 million 2005 bond paid for the construction of Cavelero Mid High; the complete modernization of Sunnycrest, Hillcrest and Mt. Pilchuck Elementary; modernization of the commons and office area at Lake Stevens High School; the replacement of the Lake Stevens High School stadium and the improvement in athletic facilities including the football/soccer field, track, fast pitch field and baseball field.
The district also received matching funds from the state for the majority of these projects.