BURLINGTON: The Port of Skagit is saving $232,000 after refinancing a bond last month that was used to pay for two airplane hangars, according to a news release. The port took out a $2.2 million bond in 2008 to build a pair of private airplane hangars along Crosswind Drive at the Skagit Regional Airport, port Finance Director Greg Thramer said. The bond runs through 2027.
Refinancing will save the port about $21,000 a year in interest, according to the release. “We can use that money for other economic opportunity-based projects,” port Executive Director Patsy Martin said. “That extra money will go a long way.” The port decided to refinance the bond due to historically low interest rates, according to the release. The bond has low interest because it is backed by taxpayers, Thramer said. The bond was refinanced through Skagit Bank at a 1.66 percent interest rate. The interest rate was previously between 3.85 to 4.10 percent.
