Taxpayers for property in the Eatonville School District are getting a break because the district has refinanced a portion of its outstanding bonds in order to take advantage of lower interest rates and favorable bond market conditions.
The recent refinancing will save the district’s taxpayers more than $1.7 million during the next 23 years, district officials said. The savings flow directly to taxpayers through reduced tax levies and aren’t available for district expenses.
The School Board approved the issuance of $9.7 million in refunding bonds.
The district has been monitoring bond market conditions over the past year, and recent low interest rates allowed the district to exceed its hoped-for savings target. Interest rates averaged 3.02 percent on the new bonds compared to 5.125 percent on the old debt, according to officials.