Sultan School District board approves $79 million bond resolution for November ballot

The Sultan School District Board of Directors voted unanimously to approve Resolution 24-3, authorizing the district to place a proposed $79 million general-obligation bond on the November ballot. The vote followed a presentation by a D.A. Davidson representative on financing scenarios and comments from the districts bond counsel about legal and ballot requirements.

The bond presentation explained the financing plan would likely be sold in two issuances to align borrowing with construction needs and reduce early interest costs. Cory, a representative from D.A. Davidson, said the firms model uses conservative growth assumptions (3% growth followed by 2%) and forecasts a roughly 4.5% interest rate on the first sale and about 4.89% on a later sale. Cory said the districts current modeled scenario would produce an illustrative 84-cent increase in 2025 that levels over time; when the districts capital levy matures the model showed a longer-term rate of about $1.63 under the assumptions presented.

Jim McNeel, the districts bond counsel, told the board that state law requires the board to adopt a resolution to place the measure on the ballot and that the resolution sets maximum principal and maturities but cannot legally promise a specific interest rate or total interest cost on the ballot form. "Bonds are unlimited as to rate or amount," McNeel said, explaining why exact interest dollars cannot be locked into ballot language; he advised the resolution be filed by the statutory deadline for the November election.

Public commenters urged transparency and attention to student wellness. Richard Kennon, who identified himself as a resident, summarized a Healthy Youth Survey and said a significant concern was studentsreported reluctance to talk with staff when feeling sad or hopeless. He also questioned awarding administrative pay increases while support staff positions or hours are reduced. "Reducing the number of support staff to help these kids is not the right idea while we're giving pay raises to people in the district office who don't directly impact our students' wellbeing," Kennon said.

Board members engaged on timing and community outreach. Several members said the district faces space constraints that justify letting voters decide. One board member noted economic uncertainty around November turnout but supported moving forward so planning and design work could begin on a 2026 construction timeline.

Following discussion, the board moved and adopted Resolution 24-3 in a roll-call vote announced as unanimous. The board also approved appointments to the pro-statement committee (Deion Johnson, Marcy Osborne and Ingrid Wallace), approved previously tabled non-represented employee contracts for 202425, and approved the Director of Human Resources salary for 202425 (with one abstention recorded).

Next steps: district staff and counsel will file required documents for the November ballot, the district will convene the appointed pro-statement committee, and staff indicated outreach to inform the community about proposed projects, tax impacts and the planned timeline for design and construction work if voters approve the measure.