Lake Washington School District plans to sell tax-exempt bonds early next month. The sale will include approximately $165 million of funds to finance a portion of the bond projects approved by voters in April. The sale will also include refinancing of previously sold unlimited tax general obligation bonds at lower interest rates, a saving for taxpayers.
The District plans to provide local taxpayers with an opportunity to “invest locally” by purchasing some of the tax-exempt bonds. The offering is made only by the Preliminary Official Statement, which will be made available by the underwriters and the District. The interest rates and taxpayer savings are expected to be finalized on or about August 9.
Moody’s Investors Service has assigned its elite ‘Aaa’ credit rating to the bonds, the highest rating possible. S&P Global Ratings (formerly Standard & Poor’s Ratings Services) assigned the district’s existing ‘AA+’ rating to the bonds. The rating agencies cited such factors as balanced budgetary performance, the large tax base, growing enrollment, and good management policies and practices as positive credit factors supporting the ratings.
D.A. Davidson & Co. in Seattle is serving as senior managing bond underwriter for the transaction. Northwest Municipal Advisors is serving as the district’s Municipal Financial Advisor.
Barbara Posthumus, director of business services for the District, said, “We are aiming to take advantage of historically low market interest rates for the bond projects and to deliver savings to our taxpayers with the refinancing.”
Please contact D.A Davidson’s Redmond office at (425) 497-3416 for additional information about the bonds, or to obtain a copy of the Preliminary Official Statement.