Auburn School District No. 408
915 4th Street Northeast, Auburn, WA  98002

 01/14/04

NEWS RELEASE
Refinancing of Bonds Would Save Local Taxpayers
2.5 Cents in School Tax Rate

Because of current bond market conditions that are favorable, the Auburn School District is working on refinancing $26 million worth of bonds.  These bonds were issued in March of 1997.  They are a portion of the $36,000,000 bond authorization approved by local voters at the 1996 election to finance the modernization and improvements to electrical and data systems in the schools and other district facilities.

The main reason for refinancing these bonds is to reduce the interest costs and thus the taxes required to pay the debt service obligations.  This refinancing will save local taxpayers approximately $1,700,000 in projected school taxes and would decrease the 2005 projected school tax rate for individuals by two and a half cents per $1,000 of assessed property value.

For more information, contact Mike Newman, associate superintendent of business and operations, at (253) 931-4930.