The OISD Board, seated from left, Chris Sutton, Scott Lancaster, Tony Ghazel, Janet Brownell and Jim Sullivan. Standing behind them are Elementary/Middle/Oasis Principal Kyle Freeman, Administrative Assistant to the Superintendent Cathy Ferran, Superintendent/High School Principal Barbara Kline, OISD Business Manager Keith Whitaker and Seattle-Northwest Securities Senior Vice President Trevor Carlson.
At its Nov. 19 meeting, the Orcas Island School District Board signed the documents making the $11.9 million bond offering official.
Trevor Carlson, the district’s long-time bond advisor, told the OISD board and staff, “This is an important milestone in the history of the district, and it comes at a time of all-time lows on tax-exempt bond markets.”
With the goal of producing funds when they are needed for construction next year, Carlson outlined a “tight schedule.” Plans are to notify potential investors of the bond by December 5, to place sale orders on December 12, and to close the bond on December 20, 2012.
Other goals of this bond sale are to secure low interest rates; maximize the funds available for construction; and create a financing schedule which will enable bond levy for collection in 2013.
There will be two bond sales of 20-year terms: Issue 1 is for Bank Qualified (tax exempt) bonds of $9,375,000; Issue 2 is taxable bonds of $2,010,000.
