The City of Spokane valley has refinanced its outstanding 2003 tax bonds in order to take advantage of lower market interest rates and a stronger credit rating.
The refinancing is expected to result in more than $1.5 million of debt service savings over the next 20 years.
The bonds were issued in 2003 for two related purposes:
$5.6 million is associated with the CenterPlace and Mirabeau Point, a 54,000 square-foot regional and community event center completed in 2005. Every six months the Spokane Public Facilities District makes payments to the City related to that project. The refunding savings of $1.38 million on that portion will reduce the amount of those payments, which are made from regional tax revenues.
$1.39 million is associated with road and street improvements in the city that were supplemented or matched with federal and state funds. The savings of $201,000 will accrue to the city's operating funds.