Si View Metropolitan Park District recently completed the refinancing of its 2010 bonds, for a savings of $325,833 in interest over the life of the bonds. The 2010 bonds were issued for renovations to the Si View Community Center, district parks, and improvements at Tollgate Farm.
Refinancing the bonds is a similar concept to refinancing a home, Si View Park District Executive Director Travis Stombaugh said.
“We timed the refinancing near a historic low in interest rates. We are very pleased with the interest cost savings. We continually strive to act in ways that are fiscally responsible, saving money for our taxpayers, while providing quality services,” Stombaugh said.
The initial bond interest rates were 4.35 to 4.75 percent for maturities of 2021 to 2030. The district researched the refinancing options and selected JP Morgan Chase Bank for a direct purchase with a new fixed interest rate of 1.98 percent for the remaining 14 years on the bonds.
“The low interest rate quote is a positive reflection on the strength of the local economy, financial management, and the financial resources for Si View Metropolitan Park District,” said Finance Manager Scott Loos.
The district’s current bond rating grade is “AA”, which is considered high investment grade.
Loos worked with Jim Nelson of D.A. Davidson to structure the refinancing, compile supporting documents, and select the bank.
For additional information about Si View Metropolitan Park District, visit http://www.siviewpark.org or call (425) 831-1900.