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Bond specialist outlines options and timing for Forks Middle School replacement
Summary
D.A. Davidson bond specialist Corey Plager walked the board through tax-rate models, state matching considerations and timelines for a possible November 2026 bond measure, presenting $34M and $30M scenarios and a July resolution deadline to pursue the November ballot and maximize state matching funds.
Corey Plager of D.A. Davidson gave a detailed presentation on the district's bond options and timing for replacing Forks Middle School, framing bonds as the primary capital-finance tool for buildings and highlighting Washington's 60% supermajority for approval.
Plager showed models that assumed conservative assessed-value growth and interest-rate cushions; one example estimated a $34,000,000 bond over 20 years would add about 90 cents to the district tax rate in the first year. He contrasted that with a $30,000,000, 25-year model that would reduce first-year taxpayer impact by roughly 22 cents but could yield less state match. Plager emphasized schedule constraints tied to state school-construction assistance: "if you were looking forward to November '26 ... the board would have to bring forth a resolution by August 4," he said.
Board members asked about timber dollars, which Plager and staff said typically flow into the debt-service fund when bonds are outstanding and can meaningfully offset local costs. Plager recommended building contingency cushions into tax-rate estimates, assuming an investment-grade rating and conservatively modest valuation growth. The board did not vote on a bond proposal but identified July and August deadlines for drafting ballot language and resolutions.
