School district bond refinancing saves taxpayers $20 million

Shorecrest High School
Photo by Steven H. Robinson

Shoreline School District recently refinanced existing voter-approved bonds, saving Shoreline and Lake Forest Park taxpayers $20 million over the life of the bonds.

In typical bond refinancing situations, a tax savings of five percent is generally the expected target. However, due to excellent market conditions, the school district was able to achieve a 20.19 percent savings for its taxpayers in the refinance process.

Bonds are used by school districts to fund school construction and other capital projects. The bonds refinanced by Shoreline Schools include the voter-approved 2010 and 2011 bonds that financed the construction of Shorecrest and Shorewood High Schools.

Shorewood High School
Photo by Steven H. Robinson

In addition, the District sold the remaining authorized bonds approved by voters in 2006 that had not yet been issued.

“We are excited to have been able to capture such a significant cost savings for our taxpayers,” said Superintendent Rebecca Miner. 

“Our district is fortunate to have a community that has historically supported our students, staff and schools through our bonds and levies, and we pride ourselves on acting as good stewards of that generous support. 

"I want to extend my gratitude to our finance staff for their foresight and hard work in successfully completing this process with exceptional results.”

The bond refinancing and sales plan was approved by the Shoreline School Board on January 11, 2021 and took place on February 10, 2021.