Refinancing of tax bond may save money for South Whidbey taxpayers

The South Whidbey Parks and Recreation District recently completed the refinancing of its 2008 unlimited tax general obligation bonds, and it may have saved South Enders money.

District staff said the refinancing achieved a total net saving of $101,951 for South Whidbey taxpayers.

The voted bonds were given to fund improvement projects at Community Park, Trustland Trails, and the South Whidbey Sports Complex.

The 2008 voter-approved bond had interest rates of 4.5 percent to 4.7 percent when they mature in 2018 and 2027. After researching refinancing options, the district chose Heritage Bank for a direct purchase with a new fixed interest rate of 1.84 percent for the remaining 11 years.

“We constantly look to take action in cases like this where the benefit of a refinance is greater than the cost to the public,” Parks Board Treasurer Matt Simms said. “The low interest rate quote is a positive reflection on the strength of the local economy, financial management and the financial resources for South Whidbey Parks and Recreation District.”