Sammamish effectively debt free
February 18, 2013
New: Feb. 18, 2:26 p.m.
There’ll be no need for a sequester in Sammamish.
Sammamish Finance Director Joe Guinasso said that for all intents and purposes, the city is debt free as of the new year.
In December, the city made a $1.9 million dollar payment on a $4 million bond it had taken out in 2002 to purchase and develop Lower Commons Park, paying the entirety of the debt and saving nearly $223,000 in interest payments.
That leaves the city with only one outstanding debt – a $10 million loan from the state Public Works Trust Fund for the widening of 228th Avenue when the city incorporated in 1999. Guinasso said the city has about $4.8 million left on that loan and is scheduled to have it paid off by 2021. The city has chosen not to pay that loan off early because of the extremely low interest rate – about half a percent. Guinasso said the city can generally get a better return by keeping the money in its investment portfolio.