Published April 2003

County bond sale nets 4.25% interest rate

SCBJ Staff

The second phase of financing for the redevelopment of the Snohomish County government campus is moving ahead, as county officials have approved the selection of UBS PaineWebber as the company to buy $101 million in county bonds.

The bond sale is the second for the $167 million campus project.

About $47.5 million of the $101 million bond sale will go toward the new county campus project. Other projects receiving money include: the National Flight Interpretive Center at Paine Field ($21.7 million), Paine Field hangars ($2.7 million), two solid waste transfer stations ($20 million), election equipment ($5.1 million), and a Sheriff’s Office gun range and impound lot ($781,000).

The bonds will carry an interest rate of 4.245 percent, but the effective rate will actually be lower than the average interest rate because PaineWebber’s winning bid included a premium of $5.1 million. That means the county will only need to retire a principal amount of $95.9 million.

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