Submitted by the Office of the State Treasurer.
The state treasurer’s office this week sold a series of participation certificates that will provide funds to local districts across Washington, funding new equipment, emergency vehicles and land acquisitions.
Proceeds from the triennial sale of COPs fund purchases requested by local partners through OST’s Local Option Capital Loan Program (LOCAL Program). This process takes advantage of Washington’s strong credit rating to help local governments secure financing at lower interest rates, reducing total project costs and saving taxpayers money.
The sale will fund the purchase of school buses, fire trucks, ambulances, police vehicles and land from seven local governments:
City of Poulsbo
San Juan County Public Hospital District 1
Lewis County Fire Protection District 1
Lewis County Fire Protection District 15
Oak Harbor School District 201
Kitsap South School District 402
Naches Valley School District 3
“Sound management of public finances is at the heart of our mission at the Treasury and as interest rates across the country continue to rise, partnering with local governments to save every dollar possible becomes even more critical,” said said Washington State Treasurer Mike Pellicciotti. “The LOCAL program is delivering the tangible results of our efforts to maintain outstanding credit, helping to get more school buses and fire engines into our communities to make government work better for everyone.
Just northwest of Yakima, nestled in the foothills of Mount Clemans, Naches Valley School District serves approximately 1,250 students in its new elementary, middle, and comprehensive high school.
“As a small school district, it’s important that we take on debt in a way that allows us to continue to be good stewards of our taxpayers’ money,” said Wandah Messinger, director of business and operations. of the Naches Valley School District. “We looked at several financing options for our land purchase and determined that the LOCAL program was our best option for financing the debt on the property. With the help of the Office of the State Treasurer, we were able to match the debt to our planned development schedule at competitive interest rates without overstretching ourselves. »
The outright acquisition of the land will reduce costs for the district and serve as a potential site for future developments and projects.
Prior to Thursday’s sale, OST has provided $1,439,220,000 in funding to participants of the Certificate of Participation program over the past approximately 10 years, providing the lowest cost of funding possible for state and local government participants. from Washington.
State Participation Certificates are highly rated, receiving an impressive Aa1 rating from Moody’s, helping to keep interest rates low in project and purchase financing.
For more information, visit https://www.tre.wa.gov/finance-new-projects/.