The Northshore School District has refinanced its callable 2004 and 2005 bonds on Nov. 18 to take advantage of lower interest rates, which are projected to save taxpayers $2.7 million over the next three years. The savings flow directly to taxpayers through reduced tax levies and are not available for district expenses.

“Refinancing existing debt to take advantage of lower interest rates reduces taxes for our community. We continually work with our financial team to seek opportunities like this to achieve taxpayer savings,” said Northshore School District Superintendent Larry Francois.

The Northshore School Board accomplished these savings by approving the issuance of an amount not to exceed $43 million in refunding bonds at its meeting held on Oct. 13. The district has been actively monitoring bond market conditions and recent low interest rates allowed the district to exceed its savings target. Interest rates averaged 0.87 percent on the new bonds compared to 5.115 percent on the old debt.

Additional district financial information is available online at www.nsd.org/businessservices or by contacting Business Services at 425-408-7630.