Issaquah School District has refinanced its callable 2006 bonds in order to take advantage of lower interest rates, saving taxpayers over $3.9 million during the next 10 years. Superintendent Rasmussen emphasized that these 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,” Rasmussen said.
The Issaquah School Board accomplished these savings by approving the issuance of $41,370,000 in refunding bonds on July 24, 2012. The District has been monitoring bond market conditions and recent low interest rates allowed the district to exceed its savings target. Interest rates averaged 1.89% on the new bonds compared to 5.00% on the old debt.