School district sells bonds to help pay for renovations

By Oliver Lazenby

The Blaine school district is taking advantage of low interest rates by selling $30 million worth of bonds in a deal that was expected to close September 29.

The bonds will help pay for renovations at Blaine schools. Voters approved the sale of $45 million in bonds to pay for renovations and upgrades for Blaine High School, elementary and primary school buildings in a February 2015 special election.

The bond initiative passed by 70.16 percent.

The district sold the first $15 million in bonds in May 2015 with a 2.6 percent interest rate.

This month’s bond sale has a slightly better 2.42 percent interest rate, said district finance director Amber Porter.

Taxpayers are projected to pay $1.04 per $1,000 of assessed property value, or about $312 a year for a $300,000 home in 2017. That rate is projected to drop incrementally until 2026, at which point taxpayers would be paying $0.56 per $1,000 until 2036, according to a document prepared by the district’s financial advisor, Piper Jaffrey.

In total, the district will be paying the bondholder $3.7 million a year from 2017 to 2025.