Clover Park School District press release.
LAKEWOOD, Wash — Clover Park School District recently refinanced a 2010 bond, an action that will save district taxpayers $5,963,099 million over the next 10 years. Taxpayers will see the savings reflected by lower property taxes.
The district took advantage of declining interest rates to issue new debt to pay off the previous balance. This process, called bond refunding, provides a refund because of the new debt’s low interest rates.
“We take pride in being good financial stewards for our community,” said Superintendent Ron Banner. “This refunding saves money for our taxpayers without impacting the world class education we provide here in our district.”
The 2010 voter-approved bond paid for construction of Hudtloff Middle School, Four Heroes Elementary School and Harrison Preparatory School.
The district will re-form its Facilities Advisory Committee later this year, which will help prioritize future facility needs and potential bond opportunities.