RICHLAND, Wash. - Richland taxpayers will soon be seeing lower rates in the near future after the school district sold its construction bonds before the annual interest rate increase.
In February, Richland voters helped passed a $99 million dollar construction bond that went towards new schools and renovations in the Richland School District.
The school district sold $69 million of the bonds in May and sold $30 million at a low 2.8 percent interest rate Dec 7. The bonds were sold on open markets to insurance companies and banks.
The bonds will be paid off in four years, which will result in an interest savings of nearly $10 million.
Richland School District Superintendent Rick Schulte says the school board was very forward in trying to get ahead of the interest rate hikes.
"We worked with our bond underwriter where we can take advantage of a shorter timeframe to select something good to provide with a lower interest rate and total lower interest cost," said Schulte.
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