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Richland School District announces $9.5 million savings for taxpayers

The Richland School District is reducing tax costs for taxpayers. On December 7, the District sold $29.5 million worth of construction bonds at a 2.80% interest rate, significantly lower than the expected 3.02% rate. This favorable rate along with paying off some of the bonds in four years instead of 15 years will result in interest savings of $9.5 million.

“This is $9.5 million that RSD taxpayers will not have to pay in interest costs,” says 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% yes vote.