The District is extremely grateful to our community for their support of the November 2017 bond proposal. This is the first-step in the District's multi-layered long-term approach to alleviate overcrowding and reduce the number of portables at our schools. Our citizen-led Community Builders group did a great job determining the District's most urgent needs to support our students and schools. Thanks to their efforts, this bond represents the collective work of our community.
The District completed the sale of $99.5 million in bonds in less than two hours on March 14, 2018 at a net interest cost of just 3.73%, which was well below the parameters of 5.5% set by the board in their bond resolution. Thanks to the favorable interest rates, and Franklin County’s continued gains in assessed property values, taxpayers will now see a tax rate increase of just 26 cents per $1,000 of assessed property value. The new rate is considerably less than the estimated tax rate of 59 cents per $1,000 of assessed value that was advertised for voter information purposes last fall. The district’s bonds were likely the first Washington school district bonds to be offered this year, and attracted investors from Morgan Stanley, Wells Fargo, State Farm, and several other bond investor groups. The underwriter who conducted the bond sale attributed the successful sale to the district’s strong credit rating and sound financial management.
Meanwhile, the District's Capital Projects Department is moving forward on the projects approved in the bond. To follow the progress of each project, simply click on the link to each project below to access the update page for each project.
The 2017 bond includes allowance for purchase of additional land for future schools. It also allows for cost contingencies to account for inflation or other events.
Land Acquisition (for future school sites)
Bond Costs & Fees