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Board hears bond-sale briefing, approves GMP amendments for Salish Middle and College Place projects
Summary
The board received a bond-sale planning briefing from financial adviser Mark Pressing and approved guaranteed maximum price (GMP) amendments for the Salish Middle School and College Place replacement projects and authorized an architect selection for Westgate Elementary.
The Edmonds School District board heard a presentation from Mark Pressing, financial adviser with Educational Service District 112, on plans for a second sale under the district’s 2024 bond authorization. Pressing described a proposed $200 million new-money issuance for construction work and the opportunity to refund portions of 2015–2016 bonds, estimating potential taxpayer savings of roughly $1.8 million from a refunding.
Pressing told the board the district would meet the tax-rate expectation presented to voters (about $0.81 per $1,000 assessed value) and that legal counsel (Pacifica Law Group) and underwriters (DA Davidson, Piper Sandler) will support the transaction. He outlined that the board would consider a bond resolution at the next meeting and that the superintendent and executive director would be delegated to set final terms and conditions.
Following the presentation, the board considered new-business motions and approved guaranteed maximum price amendments for the new Salish Middle School project and the College Place Elementary and Middle School replacement projects by voice votes. The board also approved an authorization for architecture selection and agreement for the Westgate Elementary replacement project.
Votes and outcomes: The GMP amendments and architect authorization were approved by voice vote during the meeting. The district flagged that final bond terms will be set by staff after the board considers the resolution at a later meeting.
What’s next: The bond resolution (Resolution 26-10) will come back for consideration at the next board meeting; staff will continue to coordinate underwriters, counsel and financing timing.
