Dave Vetter, Principal at Raymond Junior/Senior High, has been chosen as the League Distinguished Principal of the Year by the Washington Association of Secondary School Principals. He will be recognized at a luncheon at the DoubleTree Hotel in Seatac on 27 October.
Congratualtions Mr. Vetter!
Raymond, WA - August 28, Raymond School District took advantage of historically low interest rates in the municipal bond market and completed the refinancing of its 2004 Unlimited Tax General Obligation Refunding Bonds. The original 2004 bond proceeds had been used to refinance the District's 1999 and 1994 prior voted debt (which financed the construction of the new high school, renovated the elementary school and added classrooms and a gymnasium).
The refinancing will reduce debt repayment costs by approximately by a total of $170,000 over the next four years, when the debt will be retired. Working with Martin Nelson and Company, the District was able to replace the 3.87% average interest rate currently paid on its outstanding 2004 debt with a new rate of 1.22%.
The District was able to secure such low interest rates through the use of an inaugural credit rating from Standard and Poor's and the utilization of a guarantee from Washington State to pay the District's debt service in the event of default. The District's first effort to acquire its own credit rating yielded a strong result. Standard and Poor's awarded the District an "A+" ranking as a result of its highly stable finances, strong liquidity and modest debt load.The S&P rating award also reflected the District's financial success from prior e-learning programs.
"We continue to seek ways to be effective and efficient with taxpayer funds" said Superintendent Dr. Steve Holland. We know our residents are concerned about the economy and we felt these cost reduction efforts were important. The District chose to enter the bond market now so that taxpayer savings could be achieved while interest rates are still at generational lows".
"The refinancing opportunity surfaced in June of this year and we felt it was important to complete the project now before interest rates turned volatile and we found ourselves missing an opportunity to reduce interest costs by 2.65% per year," said Fiscal Officer, Tera Stephens.