Council Approves Savings for Taxpayers
Bond Sale Takes Advantage of Favorable Market

The Metropolitan King County Council’s unanimous approval today of the refinancing of outstanding Unlimited Tax General Obligation Refunding Bonds will benefit homeowners and those paying property taxes in King County.

“Seven million dollars is a significant savings for taxpayers,” said Budget and Fiscal Management Committee Chair Larry Phillips. “Although the economy may be in a slump, the current fiscal environment allows us to issue these bonds in a way that benefits homeowners and all of those who pay property taxes in King County. Now is the time to take advantage of these savings.”

The ordinance authorizes the sale of $120 million in Unlimited Tax General Obligation Refunding Bonds which will replace similar bonds issued in 1993. Based on the current interest rates, the sale of the 2003 bonds will save taxpayers $7 million.

Read more about this legislation on the King County Council’s LEGISEARCH system at http://mkcclegisearch.metrokc.gov and type in “2003-0055 and 2003-0056”