QSD sells bonds for new building project
Taxpayers in the Quincy School District got a little good news recently.
The school district last week sold bonds related to its upcoming construction project. A better-than-expected interest rate, combined with an 18 percent increase in the district’s assessed value, means tax payers will be paying a rate of $1.70 per $1,000 of assessed value for the 2017 tax year, the school district reported. That rate also includes a previous bond that paid for the construction of Monument Elementary School.
So the owner of a $200,000 home will pay $340 a year.
Back in February, QSD voters passed a $108 million bond. The total cost of the project, with matching state funds, is $117 million. The project includes the construction of a new high school and renovations at all schools in the district.
The school district earlier this year estimated that the new project alone would cost taxpayers a rate of about $1.89 per $1,000 of assessed value.
Attending the sale on May 19 in Seattle were QSD Superintendent John Boyd, school board president Alex Ybarra and CliftonLarsenAllen principal David Thomsen.
The bonds were financed at a rate of 2.73 percent, an “all-time historic low,” Thomsen said.
The low interest rate, combined with higher assessed values, reduces the tax burden by nearly 20 cents per thousand, Boyd said last week.