By Susan Wilkins
In 2006, voters approved the sale of $436,000,000 in 20-year bonds to pay for school modernization. The ballot measure that voters approved, Proposition 3 (see below*), specifically said that bonds would be sold to pay for the "modernization" of the schools. The school district tore down and rebuilt every school on the modernization list calling the teardowns "new-in lieu" construction. The district claimed that the remodels would cost 90% of what new construction would cost and thus justified tearing the buildings down rather fixing them.
Ten schools were torn down and rebuilt including 6 elementary schools (Frost, Muir, Keller, Sandburg, Bell and Rush), 2 middle schools (Finn Hill and Rose Hill), Lake Washington High School and International Community School. Only one new school, Carson Elementary, was built as part of the 2006 bond measure. Rebuilding these schools from the ground up was far more expensive than remodeling them. The school district sold $417,000,000 in bonds between September 2006 and September 2010 to pay for all the construction. Together with 1998 construction bonds sold for Phase 1 modernization and bonds sold in 2012 to pay for additions at Eastlake and Redmond High Schools, the Lake Washington School District now has $486,000,000 in outstanding bond debt.
In 2013-2014, the district will spend $51,500,000 on bond principle & interest payments for bonds issued in 1998, 2006 and 2012. And taxpayers will continue to pay $50,000,000 per year until 2020 and then $40,000,000 per year until 2025 in order to pay off these construction bonds. This will cost the median homeowner $57.00 per month through 2020 then $44.00 per month through 2025.
The district is proposing the 2014 bond measure to sell another $755,000,000 to pay for more "modernization" construction plus 3 new elementary schools, a middle school and more high school space. They tell us it will only cost $30.00 per month for a median priced home assessed at $450,000. In fact, the owner of a median priced home will pay about $60 per month - if the bonds are issued with 4% interest. This is ON TOP OF THE COST for the 1998, 2006 & 2012 bonds and the EP&O and Capital Projects levies. Read More >>
Ten schools were torn down and rebuilt including 6 elementary schools (Frost, Muir, Keller, Sandburg, Bell and Rush), 2 middle schools (Finn Hill and Rose Hill), Lake Washington High School and International Community School. Only one new school, Carson Elementary, was built as part of the 2006 bond measure. Rebuilding these schools from the ground up was far more expensive than remodeling them. The school district sold $417,000,000 in bonds between September 2006 and September 2010 to pay for all the construction. Together with 1998 construction bonds sold for Phase 1 modernization and bonds sold in 2012 to pay for additions at Eastlake and Redmond High Schools, the Lake Washington School District now has $486,000,000 in outstanding bond debt.
In 2013-2014, the district will spend $51,500,000 on bond principle & interest payments for bonds issued in 1998, 2006 and 2012. And taxpayers will continue to pay $50,000,000 per year until 2020 and then $40,000,000 per year until 2025 in order to pay off these construction bonds. This will cost the median homeowner $57.00 per month through 2020 then $44.00 per month through 2025.
The district is proposing the 2014 bond measure to sell another $755,000,000 to pay for more "modernization" construction plus 3 new elementary schools, a middle school and more high school space. They tell us it will only cost $30.00 per month for a median priced home assessed at $450,000. In fact, the owner of a median priced home will pay about $60 per month - if the bonds are issued with 4% interest. This is ON TOP OF THE COST for the 1998, 2006 & 2012 bonds and the EP&O and Capital Projects levies. Read More >>

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