Thanks to favorable bond market conditions the Puyallup School District recently refinanced its 2004 school bond, resulting in a savings of $11.4 million to taxpayers
Corrine Pennington, executive director of business services for the school district, said none of the money available in savings is earmarked for district expenses. All savings goes directly back to taxpayers.
The Puyallup School District Board of Directors recently approved the reissuance of $73.9 million in refunding bonds at an interest rate of 2.34 percent. That's a decrease from the 4.98 percent interest rate on the old debt, according to a district press release.
The 2004 school bond paid for a number of facility improvements across the district.
"I am very grateful to the voters in our community for approving the 2004 bond measure," said Superintendent Tony Apostle in a written statement. "I am even more impressed that the market interest rates have dropped in an effort to reduce our bond debt, or 'mortgage,' by $11.4 million."
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