November 19, 2001
Northshore saves taxpayers $823,000
Taking advantage of the current low interest rates, the Northshore School District Board of Directors approved the refinancing of approximately $10 million of the District's bonds originally sold in 1995. The result is a saving to taxpayers of approximately $823,000.
Savings from this refinancing will result from lowered tax collections necessary for the interest payments on these bonds from the district's Debt Service Fund. To take advantage of the refinancing opportunity, the school board also approved a resolution allowing the superintendent to apply for the state's Credit Enhancement Program.
This program allows the district to use the state's financial rating for the refinancing thereby allowing the district to react in a timely manner.