Enumclaw – On, April 24, 2025, Enumclaw School District successfully completed a $43,965,000 public sale of their Unlimited Tax General Obligation Refunding Bonds, 2025.
The purpose of the sale was to refinance the District’s outstanding 2015 Bonds. This refinancing will reduce the District’s existing debt and save taxpayers $3.36 million over the next nine years.
The District accomplished these savings by approving the issuance of the refunding bonds at its Board meeting held on February 10, 2025. The District has been actively monitoring bond market conditions and low interest rates allowed the District to exceed its savings target. Interest rates averaged 3.67% on the new bonds compared to 4.95% on the refinanced debt.
The strong result was achieved due to many factors:
i. Continued responsible stewardship and financial management by the District Board and Administration, evidenced by the reaffirmation of the District’s underlying rating of “A1” by Moody’s Ratings on April 10, 2025. This strong underlying rating provided impetus for investor demand for the Bonds, resulting in a lower borrowing cost to District residents.
ii. District officials’ decision to participate in the Washington State School District Credit Enhancement Program (rated “Aaa” by Moody’s Ratings). Program participation is dependent upon voter approval and provides investors with surety for the repayment of the bonds.
“Enumclaw’s school board and administration have worked diligently to secure all the pieces necessary to make this a successful bond sale. Success is measured by the ultimate borrowing cost for the bonds. The lower the cost, the lower the tax burden incurred by our community. All our efforts strive to provide a result that truly honors the community’s support,” said Dr. Shaun Carey, Superintendent.
Superintendent Carey emphasized that the savings achieved today will offset future tax collections, reducing the overall tax burden to district residents.
