Bond refinance saves Si View Park District more than $300,000

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.

  • Tuesday, November 1, 2016 4:36pm
  • News

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.

 

More in News

Pro-gun activists gather on the steps of the Capitol building for a rally on Friday. Photo by Taylor McAvoy/WNPA Olympia News Bureau
Gun rights activists call for a halt to five firearm bills

Hearings for all the bills are scheduled for Monday morning.

The Washington State Senate chambers. Photo by Lincolnite/Wikimedia
Back in the majority, Senate Democrats moving fast to pass backlogged bills

Bills on pay equity, gay conversion therapy, gun regulation, and voting rights are all on the “to do” list.

New bill could put Washington salmon farms in jeopardy

The bill is at least partially in response to an August incident in which 30,000 Atlantic salmon escaped.

Lawmaker unveils ambitious plan to protect Salish Sea

The bill would aim to restore salmon while cutting down on toxins and noise pollution.

Washington state capitol campus. Photo by Visitor7/Wikimedia
State lawmakers hear a proposal to outlaw sexual orientation conversion therapy

The bill’s sponsor says that it includes religious protections and does not discourage families from seeking non-medical therapy.

Blotter: Man with assault rifle detained; ‘roaring’ sounds in sewer reported

Police and fire agencies in the Snoqualmie Valley responded to the following… Continue reading

The view of Mount Si from the Dahlgren property today will be affected by a proposed multifamily housing development, but maybe not as badly as opponents of the project fear it will. According to city projections, the planned landscaping, wide setbacks and a two-story limit on buildings closest to North Bend Way will minimize the visual impact of the project, which could break ground later this year. (Courtesy Photo)
Multi-family housing project on Dahlgren property progresses over Friends group’s objections

No one is saying that building high-density apartments on almost 18 acres… Continue reading

Duvall swears in fourth woman mayor, first woman-majority city council since 1932

The city of Duvall installed its new slate of officers, Jan. 2,… Continue reading

Lawmakers seek to bring campaign donations out of the shadows

The DISCLOSE Act would require nonprofits to reveal their biggest donors.

Most Read