Costs of possible bond issue laid out in Port Townsend

PORT TOWNSEND – The Port Townsend School District is considering asking district voters to approve a $30 to $33 million bond in February to fund the construction of a new Grant Street Elementary school.

About 20 people attended a meeting on Wednesday night at Blue Heron Middle School to hear about the implications a successful bond issue would have on individual property owners.

Jon Gores, senior vice president of fixed income capital markets for Seattle-based D.A. Davidson & Co. – and a consultant for the district – said that, if voters approved a $33 million bond, the owner of a $250,000 home, with a bond rate at 78 cents per $1,000 of assessed valuation, would pay $196.21 a year for the bond through 2023.

The School Board plans to decide in November if it will put the bond to voters in the February 2008 special election.

The board also will decide in November exactly how much the bond will total.

It would be required to be approved by a 60 percent supermajority and, if passed, would begin to be collected in 2009.

Grant Street Elementary is the facility most in need of replacement, but eventually, Port Townsend High School will have to be replaced or renovated, Superintendent Tom Opstad has said.

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