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November 2nd, 2010

Skagit County saves taxpayers $745,000

SKAGIT COUNTY - On November 2, 2010, Skagit County government issued bond debt to finance the Transfer Station Project, saving taxpayers more than $745,000 over the 20 year life of the bonds. More than $300,000 of the saving was a result of Skagit County's timely request for additional recovery zone bond allocation recently increased from $5.276 million to $9.3 million.

The County was originally awarded a bond cap allocation of $5,276,000 from the Federal Government and was granted an additional allocation of $4,024,000 after a timely request. The awarded authority comes from the American Recovery and Reinvestment Act (ARRA) of 2009. This allows the County to issue taxable debt with a 45 percent interest subsidy from the Federal Government. Additionally, $480,000 of additional debt was issued as Build America Bonds with an interest subsidy of 35 percent.

This project includes construction of a new, pre-engineered, 23,000 square foot metal building for solid waste transfer operations. It will also include new maintenance and staff facilities as well as a new scale plaza. The new facility will be constructed on the site of the current transfer station, which will remain operational throughout the construction period.

"These are trying times for everyone, but fortunately low interest rates combined with Skagit County's credit rating and the Recovery Zone Bond allocation has qualified our taxpayers for a substantial savings," said Skagit County Budget Director Trisha Logue.

"We're constantly looking for opportunities like this. They have a huge impact in allowing us to maintain our level of service to Skagit County citizens," said County Commissioner Sharon Dillon.

For further information, contact Trisha Logue at 360-336-9300.