The Edmonds School District Board of Directors refinanced a portion of the district’s outstanding bonds in order to take advantage of lower interest rates, saving taxpayers more than $4.8 million during the next 12 years.
The district plans to replace nearly $60 million of its outstanding 1998 and 1999 bonds with the new bonds, reducing the interest rate from 5.24 percent to 3.97 percent, said Marla Miller, executive director of business and operations. Miller said that these savings flow directly to taxpayers through reduced tax levies and are not available for district expenses. The bonds will be sold by the Seattle-Northwest Securities Corporation. The board approved the refinancing at its March 8 meeting.
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