Walla Walla Public Schools’ Board of Directors unanimously approved Resolution 09-2018 during the Nov. 21 school board meeting authorizing Superintendent Wade Smith to set in motion the voter-approved sale of $65.6M in bonds.
“The comprehensive, 65-page resolution spells out the process, and reaffirms our district's commitment to deliver on our promises made; to replace our current debt with a no tax rate increase, to only spend bond proceeds on voter approved projects, and to return any remaining dollars remaining back to the taxpayers by buying down outstanding debt,” said Smith.
The next step for Superintendent Smith is to work closely with the district’s bond counsel, bond underwriter DA Davidson, and the municipal adviser to finalize and publically submit the Preliminary Official Statement to the market. Once completed, Superintendent Smith will then provide contact information for the local Walla Walla agency who can work with interested individuals regarding the purchase of the bonds. Superintendent Smith expects the statement to be completed next week.
“Although I am not permitted to release any detailed information about bond buying specifics until that time, I can share that we have intentionally packaged the bonds into smaller increments to allow opportunity for any local individual or organization who is interested to place bids on portions of the par amount,” said Smith. “The bonds are set to mature over the anticipated 19-year-term and interest will be paid semiannually each June and December to investors.”
The sale of the bonds has been tentatively set for December 13 on the trading floor in Seattle. Superintendent Smith, School Board Vice President and financial professional Sam Wells, and Chairman of the Bond Oversight Committee Scott Morasch will be present to provide oversight.
In the coming months, the WWPS bond planning team will begin working closely with staff and stakeholders, design professionals, and local municipalities to complete the necessary design work to support bid documents and construction.
“We are anticipating a number of safety/security and roofing improvements to begin late spring/summer 2019 across many of our campuses, and breaking ground on the new Walla Walla High School science facility early next school year.”
For bond updates and additional information:
Web – wwpsbond.org
Twitter - @bondwwps