The Beaverton School District will save taxpayers $37 million in taxes by refinancing its voter-approved general obligation bonds; taking advantage of historically low interest rates.
Beaverton's finance officials identified this refunding opportunity and carefully tracked the market for the right time to refinance two bond issues from 2012 and 2014 totaling $432.7 million. The bonds finance construction, renovation and maintenance of schools and facilities.
Moody's Investors Service and S&P Global Rating recently reviewed the district's bond rating and maintained the strong and stable Aa2/AA rating.
Beaverton Superintendent Don Grotting said, "Our community believes in the power of education and has supported our students by approving bonds to build and improve our schools over many years. With the support of our School Board, we took advantage of very low interest rates to refinance bonds at a significant savings for Beaverton area taxpayers. Our finance team has also done an excellent job of positioning the District to build financial reserves and strengthen practices to manage through this challenging time."
For more information, please contact Mike Schofield, Associate Superintendent for Business Services, 503-356-4540.