CPPS will refinance school bonds
By Terry Murry on Wednesday, December 29th, 2021 in Columbia Basin News More Top Stories
COLLEGE PLACE – In a plan to take advantage of low bond interest rates, College Place Public Schools is pursuing a sale of bonds as authorized Tuesday by the district’s board of directors. The sale, which is planned for February, will refinance voter approved bones issued in 2012 for the construction of the new Davis Elementary School, College Place High School, and the remodeling of and improvements to Meadowbrook Intermediate School to become Sager Middle School.
College Place Superintendent Jim Fry said the actual interest rates will not be set until the bonds are sold, however, it is anticipated that the lower rates will likely result in savings of nearly $5 million for College Place taxpayers. The anticipated savings will go directly to taxpayers through lower tax collections in the future.
“We have been watching the market in anticipation of the best time to take advantage to give the most back to our taxpayers and now is the time,” he said.
Fry said interest rates are at a near all-time low. College Place’s 2012 bond is at the halfway (10-year) point and per federal rules, this is the first time these bonds are eligible for refinancing using lower tax-exempt bonds.
