The Oak Harbor school officials are taking action this week that will save North Whidbey taxpayers more than $1 million.
The school district is going through a process to basically refinance approximately $23 million in bonds that were originally approved in 2006.
Oak Harbor School District superintendent Rick Schulte said during Monday’s school board meeting that the refunding will save the school district taxpayers approximately $1.1 million in interest.
“This is something our taxpayers should be very happy about,” Schulte said during the meeting.
The new deal reduces the interest rate on the school district bonds to approximately 1.52 percent from 4.84 percent.
Voters in 2006 approved $54 million in bonds that paid for the renovation of Oak Harbor High School. Those bonds will be paid off in 2022.
This week’s refinancing marks the second time in recent months that the school district refunded bonds to save interest. The school district undertook a similar deal in the summer of 2012 on $9 million in bonds that saved the school district approximately $600,000.
In all, the refunding saved local taxpayers approximately $1.7 million in interest costs. School officials point out that the savings won’t benefit the school district financially, but will benefit the taxpayers living within the school district.