In 2016, voters approved a Capital Projects Bond to fund major construction projects and improvements across our district. Like a homeowner refinancing a mortgage when interest rates improve, school districts can refinance bonds at the 10-year mark to seek lower borrowing costs.

Earlier this year, our school board authorized us to pursue this opportunity, and that transaction is now complete. The refinancing will generate 4.29% in taxpayer savings, totaling just over $4 million.

Bond refinancing is separate from our operating budget and does not provide additional money for schools or programs. Instead, it reduces the amount taxpayers will pay in interest.

We are pleased to have completed this refinancing and to share the resulting savings with our community. Thanks to your support, we’ve made—and continue to make—major improvements to our schools.

Learn more about the three major construction projects funded by the 2016 Capital Projects Bond:
 

• Central Kitsap High School and Middle School Replacement
• Klahowya Secondary School Addition
• Olympic High School Modernization