Welcome to Skagit County

January 18th, 2007

SKAGIT COUNTY REFINANCES ECONOMIC DEVELOPMENT BONDS SAVING $553,000

SKAGIT COUNTY – By refinancing $6,000,000 in limited tax general obligation bonds, Skagit County will save $34,500 in interest each year for 16 years. The bonds were originally issued in 2000 with an average interest rate of 5.46 percent. The new average rate is 3.91 percent. “This is quite a savings for the county,” said Budget/Finance Administrator Trisha Logue.
Skagit County receives a .08 percent sales tax rebate from the State of Washington which is required to be used to finance public facility projects within Skagit County that stimulates economic development. In 2000, the Commissioners adopted a resolution to issue bonds of $8,000,000 to finance public facility projects with the principal and interest to be paid by sales tax collected. The Public Facilities Committee, appointed by the Board of Commissioners reviews all applications for funds and makes recommendations.

For more information, contact: Dan Berentson
Communications Director
360-419-3461