Franklin Pierce School District Refinancing Project Expected to Save Taxpayers More Than $7.6 Million
October 1, 2026 7:00 a.m.
The Franklin Pierce School District has successfully refinanced a portion of its existing school bonds, a move that is expected to save local taxpayers more than $7.6 million over the next ten years.
The refinancing replaces older bonds with new bonds that have lower borrowing costs. The refinancing will reduce the amount the district needs to pay on these bonds over time and generate an estimated $7,668,506 in taxpayer savings through 2036.
The Franklin Pierce School Board approved the refinancing plan at its July 7, 2026, meeting. Since then, district leaders and financial advisors have monitored market conditions and identified an opportunity to refinance the debt at a lower cost.
Several factors helped make the refinancing successful.
Franklin Pierce School District continues to maintain strong financial practices and responsible stewardship of public resources. In August 2026, Moody's Ratings, one of the nation’s leading independent credit rating agencies, assigned Franklin Pierce School District an A2 credit rating, reflecting the district's financial stability. A strong credit rating can help lower borrowing costs because it provides confidence to investors who purchase school bonds.
The district also participated in the Washington State School District Credit Enhancement Program, which provides additional security for bond investors and can help school districts qualify for lower borrowing rates. Participation in the program requires voter approval.
"Under the guidance of Tammy Allison, Franklin Pierce School District’s Director of Business Services, the school board and district administration worked hard to make this refinancing a success," said Dr. Lance Goodpaster, superintendent. "Lower borrowing costs mean we can save money for taxpayers while continuing to be responsible stewards of our community's investment in our schools. We are committed to making financial decisions that maximize every possible dollar for the benefit of our community."
According to Dr. Goodpaster, the savings generated through the refinancing will help reduce future tax collections and lower the overall cost of repaying the district's debt.