Sumner School District has refinanced a portion of its outstanding bonds in order to take advantage of lower interest rates. The recent refinancing will save the District’s taxpayers a total of $3,519,132 during the next twelve years. These savings flow directly to taxpayers through reduced tax levies and are not available for District expenses.

The Sumner School Board accomplished these savings by approving the issuance of $36,650,000 in refunding bonds.

The District has been monitoring bond market conditions over the past year and recent low interest rates allowed the  District to actually exceed their savings target. Interest rates averaged 2.15% on the new bonds compared to 4.65% on = the old debt. Over the past 36 months the District has refinanced bonds resulting in a total savings to the taxpayers of $6,441,479.