Colfax school directors authorize bond decision

Colfax School District is one step closer to refinancing a 2003 bond issue which they hope will save the district $200,000 or more.

At the board meeting Monday night, Resolution 453 was approved unanimously, which gives the superintendent the authority to sign off on a bond refinancing if it will reap savings of $200,000 or more.

It will cost the district $80,000 to complete the deal if it goes ahead.

“At what point do we reach a savings margin that helps taxpayers most,” said Colfax Supt. Michael Morgan. “When you get down towards $150,000, in terms of a $4 million bond, it doesn’t make a savings that people would feel it on a rate per thousand.”

The bond was originally issued in 2003 on a 20-year term at $7.4 million.

The district will work with Seattle Northwest Securities on the refinancing effort.

On Jan. 30, a conference call between Morgan, district business manager Reece Jenkin, the district’s bond attorney Jim McNeill, representatives of Seattle Northwest Securities and investors will make the first attempt at deciding to re-issue.

A bond can only be refinanced once.