School district sells remaining 2006 bonds

April 6, 2010

By Staff

Issaquah School Board members unanimously approved the final sale of $41.2 million in bonds at their March 24 meeting.

The sale included $29.8 million in taxable Build America Bonds and $11.3 million in general obligation bonds that were refinanced from the 2006 voter-approved $242 million construction bond.

District officials refinanced the bonds because market conditions will potentially allow up to 5.5 percent, or close to $750,000, in savings for taxpayers over the life of the bonds.

The bonds were marketed by Seattle Northwest Securities March 23. District officials were present at that sale, made pending final approval by school board members the next day.

The money will be used to finish planning and construction on several schools in the south end of the district, like the Briarwood Elementary School rebuild project outlined in the 2006 measure.

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