Snohomish County has approved a bond refinancing package that takes advantage of historically low interest rates, saving funds that can now be used to complete the purchase of property near Cathcart without increasing current county expenditures.
The County Council agreed earlier this week to refinance bonds issued in 2003 to pay capital needs for the county campus redevelopment project, airport improvements, solid-waste transfer stations, electronic voting equipment and the Sheriff’s shooting range. County Executive Aaron Reardon will sign the refinancing package.
Earlier this year, Council Chairman Dave Somers and Reardon agreed it was in the county’s best interest to develop a financing alternative to pay off the existing bonds with higher interest rates. The two offices have worked together to produce the refinance package that will be finalized by the end of November.
“This is a great opportunity to achieve significant savings for our taxpayers” Somers said. “Every dollar counts.”
“We must always find ways to lessen our financial burdens,” Reardon said. “This cooperative effort will pay off for the county and its residents.”
The refinancing provides substantial savings that the county plans to use to strengthen cash flow reserves at Paine Field and for expedited debt repayment on 206 acres of county-owned property located on the northern side of Cathcart Way just west of Highway 9.