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South Whidbey board approves resolution to sell $30 million in bonds
Summary
The South Whidbey School Board approved Resolution 683 authorizing the sale of approximately $30 million in unlimited tax general obligation bonds to fund district capital projects; superintendent said the district will work with bond counsel to sell bonds in June.
The South Whidbey School Board voted to approve Resolution 683, authorizing the district to sell unlimited tax general obligation bonds tied to the bond measure the community approved last November.
Superintendent Dr mosha told the board the resolution allows the district to draw funds from the bond sale and estimated the amount at roughly $30 million. "We know that ... it's $30 million and we're requesting that the board pass this resolution so that those bonds can be sold in June," she said.
Board members were given materials prepared by the district's bond counsel and were invited to ask counsel questions by phone or on Zoom. Dr mosha said permits for summer work have been submitted to Island County and that further planning updates will follow; the district expects to report more detailed project timing to the board in the fall.
The resolution passed on a voice vote with no recorded opposition. The sale timeline calls for bonds to be offered in June so cash can be available for planned summer and subsequent projects; the district said it will provide updates as the sale and permitting process progresses.
