QSCB Bonds are Sold
Early this morning another important milestone was reached with regard to the Springdale School. Corbett School District along with five other Oregon School districts initiated a QSCB sale with the help of Seattle Northwest Securities. After just a few short hours of trading all of the bonds for all of the school districts were sold at a price that will make all of the QSCB dollars interest free. This is what all 6 districts had hoped for but in a volatile market anything is possible on the date of sale. Luckily, all 6 districts got exactly what they hoped for, 0% interest.
How Much Interest Does this Save Corbett School District
Over the 19 year repayment cycle of the $1 million dollars a total of about $1.85 million dollars will be paid to the purchasers of the bonds. However, of that $1.85 million Corbett School District will pay back $1 million dollars and the federal government will cover the other .85 million. In other words had the District borrowed the same amount of money at the same interest rate over the same time period it would have cost about $850,000 dollars more in interest.
Rommel Architectural Firm Continues to Work on the Project
The architects continue their work on the project. Recent highlights include establishing a date of March 9th to present our conditional use proposal to the county, as well as continued work on establishing other time-lines associated with the project.
PARC and the SSCA Continue with Grant Writing Activities
With the continued help of PARC and the volunteer support of the SSCA multiple grants have been submitted to a number of funding organizations. We are casting a wide net because obviously you are not going to get every organization on board to fund the project. This project is a clearer fit for some organizations than others. We are hearing back from some of the organizations. One indicated that we are not a fit for them, one indicated that they may be interested as we draw nearer to the project close, another has expressed interest in learning more, and the Jubitz Foundation has scheduled a site visit with me because they are interested in the project.