CITY OF LACEY BOND REFUNDING SAVES TAX DOLLARS
LACEY, WA, November 26, 2012: The Lacey City Council took steps to pursue refunding of approximately $3 million of Unlimited Tax General Obligation Bonds at the regular meeting on November 1, 2012—a measure which will save Lacey taxpayers nearly $300,000. The bond measure was originally approved by voters in 2003, to establish funding to purchase and develop park properties in the city.
“We hope to take advantage of the current record low interest rates and pass along these savings to our citizens through lower annual property tax levies. It is our goal to prudently manage the resources entrusted to us by the community. Refinancing debt at lower interest rates helps us achieve that goal,” stated Lacey Mayor Virgil Clarkson.
According to finance director Troy Woo, “Our timing in the market appears to be very good—current estimates show about $300,000 of net savings over the remaining eleven-year life of the bonds.” The interest rates and taxpayer savings are expected to be finalized on December 4, 2012.
In addition, Lacey citizens have an opportunity to “invest in the city” by purchasing some of the $3 million tax-exempt bonds to be refinanced later this year. D. A. Davidson & Company in Seattle is serving as bond underwriter for the transaction. Bond sales are only available through the underwriter. To receive the Preliminary Official Statement, please contact D. A. Davidson and Company at (206) 389-8000 or 1 (888) 389-8001.
- Liz Gotelli; Director of Public Affairs and Human Resources; (360) 438-2622; firstname.lastname@example.org