By Madysen McLain
Gazette Reporter 

St. John board approves bond issue for roof work

 

Maintenance projects, such as a new roof and repaving the parking lot, commence at the St. John school this summer, following the approval of a $480,000 bond.

St. John School District board of directors at a special meeting last Thursday approved a funding measure to replace roofing at the school, using a special non-voted bond.

In 2018, St. John voters approved a two-year capital levy for the school with $250,000 to be collected in 2019 and again 2020.

Because contractors will need to be paid sooner than 2020, the board approved a $480,000 bond that will be paid off as the levy money is collected, according to Dana Crider, district business manager.

SJE Superintendent Suzanne Schmick said levy proceeds will be used to pay costs for projects to make health, safety and facility improvements.

"As a school district, we have a capacity that we can issue non-voted debt, meaning that we don't have to go up to the voters to do this debt," Crider said.

Besides the roofing project, the school district has not made any concrete decisions about other projects that will be funded by the bond, she said.

Sealing the parking lot at the school and resurfacing an access road in the back of the school are other maintenance items being considered.

"The district is in need of accomplishing the improvements as soon as possible before the collection of the remaining portion of the taxes from the capital levy," Schmick explained.

Schmick said the bond will be repaid from the state Capital Projects Fund, and proceeds received from the levy will be used to pay the principal of the bond. The interest portion of the bond will be repaid with the school's general fund.

She said the North Cascades bank is expected to purchase the bond under the terms and conditions of a bond purchase agreement. The bond is scheduled to be closed June 14.

"The district administration believes that it is in the best interest of the district to use an issued bond to finance these improvements," Schmick said.

 

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