WALLA WALLA -- The School District has refinanced a portion of its outstanding bonds to take advantage of lower interest rates. The recent refinancing will save the district's taxpayers $243,535 during the next three years, according to a news release. These savings flow directly to taxpayers through reduced tax levies and are not available for district expenses, the release said.
The School Board accomplished these savings by approving the issuance of $2,850,000 in refunding bonds at its meeting July 20. Interest rates averaged 0.78 percent on the new bonds compared to 5.62 percent on the old debt.