School board approves bond refinancing

The Sequim school board unanimously approved a resolution to refinance bonds issued a decade ago, and the results will save taxpayers money starting in 2009.

“Since the bond was issued in 1998, interest rates have gone down,” said Sequim School District business manager Brian Lewis. “We have an opportunity to refinance these bonds for the lower rate … what that means for property owners in the district is that their (taxes) will decrease.”

Lewis added that the savings will be at least $30,000 for all the taxpayers in the district combined.

“The reduction the taxpayers will see will be slight, but it will still be there,” Lewis said. “One of the things we do is we look for opportunities like that to decrease the burden on taxpayers.”

By passing the resolution, the school board has authorized Lewis and other administrators to continue the process, the next step of which, Lewis said, is to request proposals from bond sellers to get the lowest cost service.

The savings will start in 2009 and continue for five years until 2014.

“I just think this is a win-win,” said school board chairwoman Sarah Bedinger.

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