Taxpayers Save $5.4 Million As Highline Public Schools Refinances Bonds
Highline Public Schools announced Thursday (Jan. 12) that they refinanced another portion of school construction bonds this week, saving local property owners $1.7 million in taxes.
This is the second time this school year the district has refinanced bonds to take advantage of lower interest rates.
The first set of bonds refinanced in November saved taxpayers $3.7 million. This week’s transaction brings the total savings to $5.4 million. That means the district will not need to collect the entire amount approved by voters in 2002.
Refinancing bonds is similar to refinancing a home mortgage. Locking in a lower interest rate reduces the overall cost of paying back the bonds, and the savings stays in the pockets of property owners.
“We have been watching interest rates over the past several months, looking for opportunities to save the public some money,” says Highline Assistant Superintendent Susan Smith Leland. “We were fortunate to seize two windows when interest rates were very favorable.”
“This is just good stewardship of taxpayer dollars,” says Interim Superintendent Alan Spicciati.
The bonds refinanced this week are part of the bond package approved by Highline voters to fund the replacement of eight elementary schools and Mount Rainier High School.