By Oliver Lazenby The Blaine school district board of directors voted unanimously on June 24 to issue $4.5 million in bonds to JP Morgan Chase, which will allow the district to get a head start on some construction projects.
The district plans to use that money to fund a new grandstand at the high school. It will repay that debt with money it collects from the six-year, $12 million levy that voters passed in April 2018.
JP Morgan Chase offered the lowest interest rate out of 10 bidders for the bonds. If the district pays off the debt on the planned schedule, it would pay $426,617 in interest between December 2019 and December 2024. That’s a 2.09 percent interest rate.
“We had great rates,” said Amber Porter, school district finance director. “It’s better than we budgeted and planned for.”
Porter said she would like to pay the bonds off early so that the district will spend less on interest.
The $426,617 in interest will come out of the district’s general fund; the levy will pay the principal. Issuing the bond does not affect taxpayers in the district.
No one spoke at a school board public hearing before the board of directors voted unanimously to issue the bonds.
Comments
No comments on this item Please log in to comment by clicking here