In an effort to maximize it’s financial resources, shorten project timelines, and save tax payer money, the Methow Valley School District is scheduled to propose the following actions take place.
District Seeks Low-Interest Loan to Shorten Facilities Improvement Completion Timeline and Maximize Possible Cost-Savings:
Superintendent, Tom Venable will be asking the board to take action by adopting a resolution, authorizing the District to take advantage of today’s low interest rates and obtain a low-interest “Limited General Obligation Bond” (LGO – A lengthy name for a loan) of 2 million dollars to accomplish the following:
- Condense the timeline associated with our many facilities improvements from six years to four years ( See “Facilities Improvement Plan/Fund-it-Now List” [pdf] ), Doing so will benefit students, parents and community members by providing access to new flooring, furnishing, athletic facilities, and and an ADA-compliant playground sooner rather than later.
- Realize savings and efficiencies associated with low-interest rates and the rising costs of construction. As the economy improves, so does the anticipated cost of labor and materials.
- Pay back the principal on the loan using the Capital Projects – Facilities Improvement levy dollars. Funding allocated through the District’s Budget Development Process will be used to pay the interest on the LGO.
A public hearing will be held on Wednesday, October 26 during the board meeting (as previously advertised) in advance of the board taking action. The board welcomes comments and/or questions from members of the community.
District Takes Action to Save Tax Payers Money:
- During the same meeting, superintendent, Tom Venable will ask the board to adopt a resolution, authorizing the superintendent (acting as a delegate to the board) to take advantage of today’s low interest rates by refinancing approximately 1.29 million in existing voter-approved bond debt.
- While the savings to the individual tax payer is anticipated to be relatively small, the proposed action is anticipated to generate a total savings to the residents of the Methow Valley of approximately $125,000 (without changing the current term of the bond set to expire in 2028).
- We believe this action makes good business sense and is consistent with our goal of being a good steward of the District’s resources.
If you have any further questions regarding the District’s proposed actions, please don’t hesitate to contact superintendent, Tom Venable.