Kent School District staff saved taxpayers $1,295,071 in interest payments by refunding bonds approved in 2008.
The district refinanced $14,600,000 of Unlimited Tax General Obligation Bonds, Series 2003.The bonds were sold through a competitive bid process with nine bids being received.
After a review and analysis of the submitted bids, the district’s Chief Business Officer Richard Stedry awarded the winning bid for the sale of the bonds to Morgan Stanley & Co. because the company was a responsible bidder offering the lowest true interest cost for the bonds.
“Education is our top priority, but we are mindful that the district’s biggest supporters – the people of this community – work hard for every dollar they earn. We are responsible to our taxpayers to take advantage of savings where we can that allows the district to continue its mission and shows Kent School District is a wise steward of a precious resource,” said Edward Lee Vargas. district superintendent.
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