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

Metro revises timeline for RapidRide bus expansion

After originally aiming to build 20 additional fast-service bus lines on high demand routes by 2040, King County Metro has changed its construction timelines and put 13 of those projects on hold.

Snoqualmie Valley Hospital CEO resigns; recommends interim CEO

Snoqualmie Valley Hospital CEO Tom Parker announced his resignation and recommended an interim CEO.

Where to pick up a pumpkin this October

The Eastside has a few options for seasonal squash hunters.

Valley cities offer resources to prepare for possible flooding this winter | Winter Ready

Keep up to date on the flooding preparation resources available to residents.

Two Eastside killers see sentences changed

Death penalty ruled unconstitutional, death row sentences changed to life without parole

Rape allegation against Sen. Joe Fain divides King County Council

In a recent interview, Councilmember Kathy Lambert blamed Fain’s accuser for the alleged rape. Then Lambert’s colleagues distanced themselves from her comments.

Paul Allen, shown in 2015. Courtesy of the Herald
Paul Allen dead at 65

Microsoft co-founder, developer, and philanthropist struggled with cancer for decades

Snoqualmie City Council talks visitor center and utilities savings

Snoqualmie City Council discusses visitor center fundign and bond savings at the Oct. 8 meeting.

Two women killed in King County’s latest DUI fatality

The Kent women were heading to work in Snoqualmie when an impaired driver crossed the centerline.

Most Read