Lake Washington School District plans to sell tax-exempt bonds later this month. The sale will include about $151 million of funds to finance a portion of the bond projects approved by voters in April 2016.
The district plans to provide local taxpayers with an opportunity to invest locally by purchasing some of the tax-exempt bonds. The offering is made only by the preliminary official statement, which will be made available by the underwriters and the district. The interest rates and taxpayer savings are expected to be finalized on or about Nov. 29.
According to a district press release, Moody’s Investors Service has assigned its “Aaa” credit rating to the bonds, the highest rating possible. S&P Global Ratings assigned the district’s existing “AA+” rating to the bonds. The rating agencies cited such factors as balanced financial operations, the large tax base, growing enrollment and good management policies and practices as positive credit factors supporting the ratings.
D.A. Davidson & Co. in Seattle is serving as senior managing bond underwriter for the transaction. Northwest Municipal Advisors is serving as the district’s Municipal Financial Advisor.
Barbara Posthumus, associate superintendent of business and support services for LWSD, said in the release, “We are aiming to take advantage of near historic low market interest rates for the bond projects.”