WCSD finalizes bond issue petition

A unanimous Washington Community school board voted to approve the wording on a general obligation bond petition to fund the middle school project during a special meeting June 24.

A petition to call for the election in September will need 126 signatures by the end of July. If voters in that election approve, they would authorize the school board to contract debt and issue bonds for up to $25 million for project funding, keeping bond rates at $2.70.

Though the middle school project is only expected to cost $24 million, District Business Manager Jeff Dieleman said the extra million of total debt allowance would ensure flexibility.

“If we only put $24 million in this statement, then that’s it,” Dieleman said. “So we might only be able to do $2.60 per $1,000 in the future. This allows us to take advantage of the full $2.70. If the full $2.70 only generates $24 million, then that’s where we’re at.”

Dieleman said the board was set on the $2.70 bond rate and had no plans of raising it, even if it’s insufficient to fund the middle school construction.

“If evaluations go down in the next two years, which would be extremely unlikely, we would just trim the project back a little bit,” he said. “We are not going over that amount. The board and the administration do not want to raise taxes … we really want to stick to that.”

Superintendent Willie Stone said voter approval of the $2.70 bond rate would be key to the middle school construction.

“If we do not pass a bond issue we will not be building, period,” he said at a meeting in early June. “There’s no financial way for us to do it.”