March 12, 1998 in City

High Bond Rating Means Smaller Tax Bill

 
Tags:election ‘98school

Taxpayers will pay $3.4 million less than projected for a Spokane School District 81 bond they over whelmingly approved last month, educators said Wednesday night.

A higher-than-expected rating for the $74.5 million in bonds will save about $400,000.

The bonds will also be paid in just over 10 years instead of 12 to 15, saving another $3 million in interest, said John Rose, vice president and director of Seattle Northwest Securities, which handled the bond sales.

The bonds were sold Tuesday at a 4.63 percent interest rate.

Only two other school districts in Washington - Lake Washington and Mercer Island - had a bond rating as high as Spokane, Rose said.

Also Wednesday, board members chose Northwest Architectural Company to oversee the renovation of Lewis and Clark High School.

The $41 million overhaul is the bond’s largest project.

Architect Steve McNutt will be in charge of the project. McNutt co-chaired the parent advisory committee that recommended renovating Lewis and Clark.

He also oversaw construction of the $23 million Mt. SpokaneMead High School that opened last fall.

, DataTimes

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