SUNNYSIDE — The rate property owners will be paying for the $16 million bond approved this past February will be lower than expected for Sunnyside School District residents.
Instead of paying 73 cents per $1,000 of assessed property value, School District residents will pay 61 cents, a savings of 12 cents.
Taxes for property valued at $100,000 will be $61 instead of $73 each year.
The bond, which will add classrooms and multi-purpose spaces at Sunnyside High School, as well as athletic facilities, was approved with nearly 63 percent of the vote on Feb. 12.
A number of factors led to the tax decrease after the April 25 bond sale.
A high rating of A1 by Moody’s Investor Service “… for demonstrating responsible stewardship and financial management of public funds” was given.
That rating brought about the attention of investors, School District representative for public finance Ryan Swanson said.
A quick purchase of the bonds was made, allowing for lower borrowing costs.
The district also participates in the Washington State School District Credit Enhancement Program.
Investors were also interested because there are fewer new school and municipal bonds being issued nationally, Swanson explained.
Superintendent Kevin McKay said the district is pleased there will be less of a tax burden on residents.
“Now we can begin the construction phase of the process and look forward to providing improved facilities for our students.”