District announces $15 million savings for taxpayers - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

District announces $15 million savings for taxpayers

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RICHLAND, WA - Richland School District taxpayers are getting a $15 million break. On May 17th, the District sold $69 million worth of construction bonds at a 2.82 percent interest rate, significantly lower than the expected 3.46 percent rate. This favorable market sale will result in interest savings of $15 million over the 15-year life of the bonds.

“This is $15 million that RSD taxpayers will not have to pay in interest costs,” explains Superintendent Rick Schulte.

The District’s strong Aa2 bond rating from Moody's attracted investors to purchase the bonds. “The Aa2 rating reflects the District's sound financial position and our history of solid money management,” adds Schulte.

The bonds sold are from the February 2017 bond issue election. RSD residents approved the measure with a 62 percent yes vote.

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