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May 20, 2002
Council Approves
Stadium Bond Refinancing
For More Information: Larry Phillips (206)
296-1004
In a financial move this afternoon, the
Metropolitan King County Council approved the refinancing of $124 million in
baseball stadium bonds; bonds issued during the higher-interest rate period
of 1995. Over the life of the bonds, the refinancing will save taxpayers
over $6 million.
“Today’s council action will save
taxpayers money,” said Budget Committee Chair Larry
Phillips. “We’re reducing our interest payments, reducing the
repayment period, and ending stadium-related taxes sooner. By responsibly
managing King County’s debt and maximizing financial opportunities, we
will pay off our bonds at least two years early.”
The refinancing means the bonds will be paid
off two years early and local taxes levied on restaurants, bars, and car
rentals will end in 2014 instead of 2016.
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