TACOMA, WA — Franklin Pierce School District has refinanced its 2005 bonds in order to take advantage of lower interest rates.  The recent refinancing will save the District’s taxpayers a total of over $370,000 during the next four years.  Dr. Frank Hewins, Superintendent, emphasized 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,” Dr. Hewins said.

The Franklin Pierce School Board accomplished these savings by approving the issuance of refunding bonds at its meeting held on April 9, 2013.  The District has been monitoring bond market conditions. Recent low interest rates allowed the District to exceed its savings target.  Interest rates averaged 0.97% on the new bonds compared to 5.05% on the old debt.