The Lake Stevens Board of Directors approved the refinancing of a portion of the 2005 Bond that will result in a decrease in interest payments in the amount of $610,000 over the life of the term.
Interest rates are currently lower now than they were when the existing bonds were issued. Refinancing this portion of the bonds will save taxpayers a significant amount of annual tax expense.
The refinancing process did not incur any out-of-pocket expenses for the district and did not extend the term of the bonds. The process was done with the goal of providing savings for the district’s taxpayers.
Superintendent Amy Beth Cook commented, “At every opportunity we will work to be good stewards of our taxpayer’s support. This current financial window provided a good time to refinance to make a difference for our community.”
The district worked with bond counsel and bond underwriters to determine the maximum amount of bonds to refinance to ensure the best benefit for district taxpayers.
The $65.5 million 2005 bond proposal that was approved by voters with an overwhelming 72 percent approval by the community paid for the construction of Cavelero Mid High; the complete modernization of Sunnycrest, Hillcrest and Mt. Pilchuck Elementaries; modernization of the commons and office area at Lake Stevens High School; the replacement of the Lake Stevens High School Stadium and the improvement of athletic facilities including the football/soccer field, track, fast pitch ball field and baseball field. The district also received matching funds from the state for the majority of these projects. These bonds will be fully retired in 2024.