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<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Robert Frank, City Editor frank@heraldnet.com   Published: Monday, November 2, 2009 Everett school district saves taxpayers some money New bond sale options will save property owners about $18 annually on a $300,000 home. By Eric Stevick Herald Writer EVERETT — Timing, patience and a willingness to try something different has resulted in savings for Everett School District taxpayers. The district expects to save $15 million in interest by using two new bond sale options that are part of the Obama administration's economic stimulus package. Everett recently sold $48.9 million in bonds using Build America Bonds and Qualified School Construction Bonds. “They are the first school district in the state to use both,” said Jack Eaton, managing director for D.A. Davidson & Co., the underwriting firm that handled the bond sale. Under traditional bond financing options, the district would have paid millions of dollars more in interest, officials said. District officials estimate the alternate financing for the bond sale will save the owner of a $300,000 home about $18 a year or $270 over the 15-year life of the bond. The district's interest rate will be 2.22 percent over that time. “We are delighted that not only will these funds help us maintain and modernize the community's schools, but will also give our community taxpayers relief during these challenging economic times,” Sue Cooper, Everett School Board president, said in a statement. Voters in 2006 authorized a $198.9 million school construction bond package. The bonds were sold in phases and the most recent round of bond sales is last under the ballot measure. It provides a low interest rate for major construction projects at Jefferson, James Monroe, View Ridge and Whittier elementary schools as well as Everett High School's gym. Work crews already are on-site at Whittier and Jefferson. In August, the Everett School District awarded a $10.3 million bid to replace six small pod-classroom buildings at Jefferson with a two-story classroom wing and to remodel the gym and cafeteria. Whittier Elementary, originally built in 1949, also is being renovated. Bayley Construction of Mercer Island was awarded a $6.2 million contract. The existing gym will be demolished and a new one will be connected to a 1954 addition to the school. Next up will be modernization work at James Monroe Elementary School, which is expected to begin late in 2010. Build America Bonds are taxable and, through federal subsidies or tax credits, are intended to reduce municipal borrowing costs. Everett also sold Qualified School Construction Bonds, which provide tax credits, in lieu of interest, to lenders who issue bonds to eligible school districts. Eaton said the district also benefited from a strong credit rating and solid long-range facilities planning. Eric Stevick: 425-339-3446, stevick@heraldnet.com. READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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