The Yakima School District has refinanced decade-old bonds, saving local taxpayers more than $2.8 million over the next 10 years.
The plan, approved by the school board during a virtual business session in December, involved refinancing bonds approved by voters in 2008 and 2009 to build the new Eisenhower High School and remodel Davis High School.
Last week, the district was able to secure an interest rate of 0.87%, down from a 5% rate, a news release said.
This was the first time the district has had an opportunity to refinance these particular bonds. It came at a time when interest rates on this specific type of bond reached a historic low, school officials previously said.
They also said the collective savings represented fiscal responsibility with taxpayer dollars by the district — although the individual impact to taxpayers of the savings would be small, broken down across years and all local taxpayers.
The refinancing plan was crafted by the district’s interim executive director of finance, Becky Nissen, alongside an external team of underwriters, a bond and disclosure council and a financial adviser.