On January 27, the Umatilla School District sold its 2017 General Obligation Bonds at a premium due to strong demand in the market. Consequently, the net proceeds of the bonds, estimated at $10.2 million, actually came to $10.8 million, so the district realized an additional $600,000 in in project funds with the same $10.5 million cost to taxpayers.
Also, the rate on the bonds was more favorable than anticipated, meaning taxpayers will now pay an estimated $2.77 per $1000 of assessed value when bond payments begin instead of the originally estimated $3.13 per $1000 of assessed value. The rate will still begin after the current Umatilla High School bond is fulfilled in 2023 and will continue until 2035.
“We are very excited about the positive bond sale – this is really great news for our district,” said Heidi Sipe, district superintendent. “The Umatilla School District is committed to being a good steward of taxpayer money, and this is a great example of realizing the greatest value for the community dollar. We appreciate the community support and will continue to do all we can to honor the community funds with careful management.”
The additional bond funds must be used within the confines of the original projects, but some upgrades in the projects will now be possible, Sipe said.
The bond sale was signed last week, and the district is currently in the planning stages of construction. Project updates will be available this spring on the district website, and options for community participation will be forthcoming, Sipe said.
The bond projects will provide additional space, remodeling for increased school security and major maintenance projects at all three district schools.