District Refinances 2012 Bonds, Saves Taxpayers $2 Million

On Nov. 9, 2022 our district refinanced our 2012 bonds, totaling $50.49 million. This refinancing will save you, as ISD taxpayers, a total of $2 million during the next five years. Superintendent Tow-Yick shared that these savings flow directly to taxpayers through reduced tax levies and are not available for district expenses. “This is a direct savings to our community members in the form of taxes they expected, but will not have to pay,” Tow-Yick said. Refunding the bonds was approved by our School Board members at their Sept. 22 meeting. Since that time we have been actively monitoring bond market interest rates and have been able to lock in interest rates averaging 3.35% on the new bonds, compared to 4.50% on the old debt.