Refinancing of tax bond may save money for South Whidbey taxpayers

The South Whidbey Parks and Recreation District recently completed the refinancing…

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.”

More in News

Recount differs by 1 vote

Island County completed a manual recount for one race last week in… Continue reading

Whidbey woman accused of arson

A woman on North Whidbey was arrested on suspicion of arson Friday… Continue reading

Greenbank man admits to molesting child

A Greenbank man who molested a child a year ago and blamed… Continue reading

Three men arrested on suspicion of burglary

Three men were arrested in connection with a foiled burglary on South… Continue reading

4-year-old twins called ‘heroic,’ make national news after fatal crash

Two 4-year-old girls are being heralded across the nation as heroes for… Continue reading

Island County eyes sewage disposal options

As the bill for hauling septic sludge off-island continues to enlarge, Island… Continue reading

Level III sex offender lives in Langley

The Island County Sheriff’s Office notified the public this week that a… Continue reading

Island County detectives join multi-agency team

Detectives from Island County will be joining a team of Skagit County… Continue reading

Navy seeks public comment on PFAS removal options

The Navy is aiming to provide permanent solutions for nearly 30 North… Continue reading

Most Read