North Thurston officials: Bond refinance will save about $4.2 million

North Thurston Public Schools announced today that its taxpayers will save about $4.2 million during the next 13 years, thanks to lower interest rates that were secured when the district recently refinanced a portion of its outstanding bonds.

The savings will flow directly to taxpayers through reduced tax levies and are not available for district expenses, according to chief financial officer John Bash.

The North Thurston School Board approved issuance of about $39.4 million in refunding bonds. Interest rates averaged 2.16 percent on the new bonds, compared to 4.9 percent on the old debt, according to district officials.

“While the district does not yield any economic benefit from this refinancing, we remain committed to saving our taxpayers as much as possible when and where we can,” Bash said in a news release. “We are especially pleased to be able to extend this savings to our community during a difficult economic time.”