Rochester School District recently refinanced its 2006 bonds in order to take advantage of lower interest rates. The refinancing will save District taxpayers a total of over $250,000 during the next 5 years.
The savings flow directly to taxpayers through reduced tax levies and are not available for District expenses, according to Superintendent Kim Fry. “The refinancing provides direct savings to community members in the form of taxes they expected, but will not have to pay,” emphasized Fry.
The Rochester School Board approved the bond refinancing at its meeting on October 28, 2015. “The refinancing is part of our ongoing effort to be good stewards of the resources provided to our District,” shared School Board Chair Glen Morgan. “We appreciate the community’s generous and ongoing support of our students and our schools.”
The District had been actively monitoring bond market conditions. The new bonds’ interest rates average 1.73% compared to 4.00% on the old debt.
Rochester School District provides rigorous academic programs to more 2200 students, preparing them for lifelong learning, rewarding careers and productive citizenship. The district’s students and staff have received numerous state awards, including being named a 2013 and 2014 Washington State “School of Distinction.”