QUILCENE — The Quilcene School District has refinanced its outstanding 1998 bonds to take advantage of lower interest rates.
The recent refinancing will save the district’s taxpayers more than $118,000 during the next eight years, School Superintendent David Andersen said.
Andersen emphasized that the savings flow directly to taxpayers through reduced tax levies and are not available for district expenses.
“This is a direct savings to our community members in the form of taxes they expected, but will not have to pay,” he said.
The Quilcene School Board approved the issuance of $1,475,000 in refunding bonds at a recent meeting.
The district has been monitoring bond market conditions, and recent low interest rates allowed the district to exceed its savings target.
Interest rates averaged 2.79 percent on the new bonds compared with 4.68 percent on the old debt, Andersen said.
