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04/17/2012: "SJI School District To Approve $1.25M Bond On Wednesday"

(PRESS RELEASE) ~ On April 4, 2012 the Board of Directors of the San Juan Island School District held a public hearing to discuss issuing a 1.25 million dollar bond to expedite critical repairs to Friday Harbor Elementary School.

Commented Board Chairperson Brent Snow, “We are considering issuing this bond because repairs to the elementary are urgent. Yet, the capital levy for this purpose recently approved by our community will not start to be collected until 2013."

Adding: "This bond will allow us to complete the most urgent repairs this summer.”

Director Ralph Hahn noted the fifteen million dollar replacement cost for a new elementary. “We really don’t know how fast the building is deteriorating due to the leaks, or exactly what we will find once the old roof is removed. Issuing this bond is clearly the most responsible course of action to protect the school and the community’s investment in it.”

Superintendent Rick Thompson reviewed timelines for issuing the bond and strategies for insuring repairs are completed efficiently.

Board Director Jack McKenna concluded, “We have put off these repairs for years. Right now, the cost of the labor, materials, and the bond are all as low as they will ever be.”

Because of state regulations, principle on the bond will be repaid from the levy while interest will be paid from the general fund.

Board approval of the bond is set for the April 18, 2012 Board Meeting.