02/22/2012: "Board Grateful For Passage Of Lopez School District Bond"
The Lopez Island School District was successful in its most recent request of Lopez voters for approval of a bond measure for $1 million.
The voters approved the request by an almost 75% preliminary count of votes. The ballot measure received a majority approval in each of the district’s three voting precincts, and easily met the required 60% overall approval required in Washington State for bond measures. While there may be last-minute ballots not yet received by the San Juan County Elections Office to count, district officials are confident that the officially certified election count on February 28 will confirm this solid approval of the district’s request.
The district will use the proceeds from the bond to pay off a line of credit it secured in the Fall of 2009 to fund an emergency replacement of the elementary fire sprinkler suppressant system when the original system failed. Fire department officials required the replacement in order for the elementary school to remain open.
The line of credit was also used to continue work on the district heating/ventilation/and air circulation system. The estimated cost to taxpayers of the Lopez School District will be $0.07 per thousand dollars of assessed property value, for an estimated fifteen year pay-off period. The district’s strong bond rating will enable it to take advantage of bond-sale interest rates estimated to be below 3%.
District officials are pleased to be able to secure these bond funds at this estimated low rate and thus demonstrate continued fiscal responsibility in its use of public monies.
“We are grateful for this strong support of the Lopez community”, said School Board Chair Diana Hancock. “We have been, and will continue to be diligent in our efforts to use taxpayer money wisely and efficiently in projects such as these and those of the future.”