CPPS board is keeping an eye on interest rates
By Terry Murry on Thursday, August 26th, 2021 in Columbia Basin News More Top Stories
COLLEGE PLACE – The College Place Public Schools Board of Directors learned Tuesday night that due to historically low interest rates, the district has the opportunity to refinance its 2012 school bond measure to return nearly $5 million to the taxpayers within the district from 2022 to 2032.
The district will not receive any portion of the savings as it will go directly back to the taxpayers. By law, the CPPS board cannot approve the refunding until 90 days before the call date of June 1, 2022. The board will review the rates in its February meeting and may give authority to Superintendent Jim Fry and Business Manager Julie James to initiate the refunding process to close April 1, 2022.
During the meeting, the board also learned about the required timelines of a renewal of its expiring levies. Currently, the school district has a Maintenance and Operations/Educational Programs Levy, Capital Levy, and Transportation Levy set to expire in February 2022. The board will have to determine the path forward to pass a resolution due to the county elections office by December 10.
