Yakima Sch. Dist.
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News Release
Yakima School District Bond Refinancing Saves Taxpayers Over $2.8 Million - 01/25/21

As reported at today's school board meeting, the Yakima School District has taken advantage of unprecedented low bond interest rates to save taxpayers money.  A recent refinancing authorized by the Board of Directors will result in savings of $2,868,230 for taxpayers over the next 10 years. In the issuance of refunding bonds on Wednesday, January 20th, the District garnered a very low rate of just 0.87% on the new bonds, a new low for the District.  This compares to 5.00% on the bonds being refinanced. 

“This was a great opportunity to demonstrate good fiscal stewardship and save our taxpayers a significant amount of money,” said Superintendent Trevor Greene.  He emphasized that the savings will go directly to taxpayers through lower future tax collections. “This is an incredible saving that will now stay in our community and local economy, rather than go to pay interest on outstanding bonds,” said Greene.

Although there has been substantial volatility in the bond market due to Covid 19, the Interest rates on these types of bonds reached historic lows over the past few months according to Becky Nissen, the District’s Executive Director of Financial Services. “We have been monitoring the market closely over the past six months and working diligently to refinance these bonds; we are pleased to be able to provide this savings to the district taxpayers,” said Nissen.

“Compared to the old rate on the bonds of 5.00%, the new rate of 0.87% is rather astounding.  I am sure most homeowners with a mortgage would like to get that rate.” Nissen notes.

Superintendent Greene and District Board note that it is nice to have this great news during a challenging time for many in the area.

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