BOND ISSUE AND CONSTRUCTION PROJECTS UPDATE
The following is the next installment in our attempt to keep you updated on the progress of our construction projects. As a reminder, our community passed a $28,000,000 bond issue with overwhelming support of almost 70% “yes”. These funds, along with over $7 million in state matching assistance, will pay for a new middle school, various projects at our high school, and four new classrooms at Nooksack Elementary.
We have sold all of the bonds and the proceeds will be in our account by May. The market was so favorable that we were able to sell them at what is called a “premium”. The premium allowed us to sell all of the bonds and a) pay all of the costs associated with selling them, b) collect enough proceeds to make the first bond payment in December, c) sell them all at once, instead of in two installments, paying them off in one less year, and d) generate all of the $28,000,000 for our construction projects. To cap it all off, this process also lowered our projected tax rate by about $.13 per $1000 less than originally anticipated. This was a very good day for Nooksack Valley!
We have also tentatively selected architects for the projects. Proposals from a number of architectural firms were solicited and received. A committee then went through a process that ended with the selection of the Zervas Group Architects for our middle school and high school projects. They are a local firm (Bellingham based) with successful experience with similar projects, both in scope and size.
King Architecture was selected for our Nooksack Elementary School projects. David King was part of the architectural team that originally designed this school, making it a perfect fit for the work to be done there. This firm is also local, with an office in Bellingham. Both the Zervas Group Architects and King Architecture articulated a strong respect for Nooksack Valley and the investment being made by our community for our children. Both were unanimous choices by our committee and we are excited to work with them.