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February 7, 2003

Enumclaw School District Refinances Bonds

The Enumclaw School District has refinanced a portion of its outstanding bonds in order to take advantage of lower interest rates.

The refinancing will lower District tax levies by a total of more than $291,965 over the next 8 years, which is a savings of over 10 percent. Superintendent, Dr. Art Jarvis, emphasized that these savings flow directly to taxpayers through reduced tax levies and are not available for District expenses.

The Enumclaw School Board accomplished these savings by approving the issuance of $2,705,000 in refunding bonds at a meeting held January 21, 2003. The District has been monitoring bond market conditions over the past several months and recent low interest rates allowed the District to exceed its savings target. Interest rates average 2.82% on the new bonds compared to 5.70% on the old debt.