South Shore school bonds

unedited 2/09 Tahoe Mt. News

By Kathryn Reed

Money from November’s voter-approved bonds for both South Shore K-12 school districts will begin arriving soon.
Douglas County School District on Feb. 11 expects to have its first infusion of cash from the facilities bond. A short presentation was made to the school board last month. The district’s AAA bond rating is the third highest of all Nevada schools.
The bonds went on sale Jan. 22, with an expected 4.25 percent interest rate. To begin with, $3.5 million in bonds were sold. The district will not seek more than $10 million a year.
Holly Luna, DCSD chief financial officer, said the money will be spent based on an already established priority list. Whittell High School’s heating-air conditioning system will be one of the first items replaced.
Lake Tahoe Unified’s board was given an update Jan. 27 from financial advisor Charlie Feinstein. The district expects to have $31 million of the $64.5 million facilities bond in hand March 17, though it could be a week later.
The interest rate is expected to be 5.5 percent. Feinstein expects a bond rating of A+ or AA after this month’s hearing.
The remaining $34.5 million in bonds is likely to be issued in the next three to five years in two or three series.
Construction at South Tahoe High School is scheduled to begin in May. Four general contractors, none local, from the 12 which sent in paperwork were to be interviewed Feb. 9. They are Rudolph & Leteen, Clark & Sullivan, SMC Contracting and Sundt Construction. By late March or early April the district expects to have a definitive price tag for projects.
At last month’s LTUSD meeting, the nine-member bond oversight committee was announced. Four people were nominated by various organizations, while Superintendent Jim Tarwater recommended five from a list of 12 people.
It’s possible both districts could benefit from the proposed $815 billion stimulus package percolating in Congress. In the bill is $14 billion for K-12 facilities’ renovations and modernization.