Based on a recommendation from John Gores of Seattle-Northwest Securities Corporation, the Sunnyside School Board opted to fast-track plans to sell bonds to help finance the construction of a new school voters approved during an election at the beginning of February.
Voters on Feb. 3 approved a bond/levy measure that could bring in as much as $46 million. Under the approved measure, Sunnyside residents will be paying $1.41 per $1,000 of assessed property value to pay for the levy. The district devised a method where patrons wouldn't have to pay for the bond debt as long as the levy issue passed. The four-year levy voters approved is for $1.4 million annually. The bond issue approved is for $11 million. The district will utilize state matching dollars to construct a new middle school and a new kindergarten through fifth grade elementary school in the area of Washout Road and Van Belle Road. The district will also be able to utilize state money to modernize Washington Elementary School and Sunnyside High School.
Gores told the school board last week the district has several positives going for it as it tries to sell the bonds voters approved. He said the district has a quality triple A credit rating. The district will also be able to take advantage of the state's credit rating in the selling of bonds.
Gores was originally looking to sell the bonds later in the spring, but wants to move the date to March 10 to take advantage of the market right now. Gores told the school board the bond market is volatile right now and the district would do well to sell the bonds as quickly as possible.
Gores wants to sell the bonds on March 10, between 6:30 and 9:30 a.m. Once the bond prices are set by buyers, the school board will meet to approve a bond resolution, authorizing the sale of the bonds. Board members opted to meet at 6 p.m. in the meeting room on March 10.
The bonds will be sold March 10 with the district to receive the money by April 1.
"Now is a great time to sell bonds," said Gores.