MVSD Partners with North Cascades Bank to Refund 2009 Bonds, Saving Methow Valley Taxpayers Approximately $132,000

CalculatorWorking in partnership with parents and community members, the Methow Valley School District develops curious, creative, compassionate, competent, action-oriented citizens who graduate prepared to purse the widest range of college, career, and life opportunities possible.

In an effort to achieve this aspirational vision, the Methow Valley School District works within its Budget Development Process to strategically invest its limited resources and maximize all federal, state, and local revenue sources. Further, as a steward of the taxpayer’s dollars, the school district continuously pursues opportunities to minimize the economic impact upon the citizens of the Methow Valley.

With these goals in mind, the Methow Valley School District recently partnered with Piper Jaffray and North Cascades Bank to initiate the refunding (refinancing) of existing debt in the form of the 2009 bond. The proceeds from the 2009 bond were used to replace the Liberty Jr-Sr High School roof. Pending final approval by the Methow Valley School District Board of Directors, the district will refinance its current interest rate of 5.00% down to 2.42%.

When applied to the remaining amount of $1,290,000 in principal debt, using the same maturity date of 12/1/2028, the district’s actions are estimated to result in a net savings of approximately $132,000 for the taxpaying citizens of Methow Valley.

When asked to provide comment, North Cascades Vice President, Jim Tinker was quick to state, “As a municipal lender at North Cascades Bank, my job is to find opportunities to reinvest local dollars back into our local communities. As such, it is a pleasure to be working with the Methow Valley School District again. This refunding is a great way for us to support a local school district and generate a savings for taxpayers.”

This sentiment was echoed by the bank’s President and CEO, Charlie Guildner, who commented, “I am pleased that we were able to support the Methow Valley School District. Being married to a teacher and having served on a school board, I understand the importance of being a good steward of taxpayer funding and the value of working with a local bank. I also want to thank everyone that banks with us in the Methow Valley, as it is those deposits with North Cascades Bank that allows us to be a part of projects like this in our local communities, and that is what community banking is all about.”

Methow Valley School District Board of Director, Frank Kline added, “This just makes good economic sense. It’s a win-win-win situation… benefiting our schools, local business, and our taxpayers.”

This refunding is a private placement of a single bond with North Cascades Bank. Piper Jaffray & Co. is the placement agent for the Bond. It’s anticipated that the Board of Directors of the District will take action to adopt Resolution No. 10-09-19 the evening of October 9, 2019. The Bond is currently scheduled to close on Tuesday, October 29, 2019. The 2009 Bonds will be called for redemption on November 29, 2019.

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