Jefferson County School District 509J gains $2.5 million premium on $24 million measure’s bond sale
Won't raise tax rate, but help with higher costs, contingencies, district says in update
MADRAS, Ore. (KTVZ) -- Jefferson County School District 509J is making strides to proceed with the new $24 million bond measure voters approved in November -- and has received an additional $2.5 million from investors in bond sales.
In January, the district was informed that an additional $2.5 million was garnered from the sale of the bonds. This premium is an extra amount investors paid for the district’s bonds because they offer an interest rate higher than the prevailing rate.
While the district will receive $2.5 million more than anticipated, the premium will not increase the tax rate. It will, however, allow the district to support bond projects and prepare for cost escalations and contingencies that many construction projects face in the current economy, the district said in Thursday's update.
In addition to this news, the Jefferson County School District board of directors announced that Central Oregon-based Mike Tiller of Tiller Schoolhouse Consulting, LLC., has been selected as the owner’s representative to manage the projects funded by the bond. This comes as a result of a three-month selection process the district began in December.
Tiller most recently worked for Bend-La Pine Schools as executive director of facilities and led the completion of the new Caldera High School.
Tiller has a proven track record of successful implementation of more than $350 million in K-12 construction projects throughout his career, the district said.
In 2013, he managed a $96 million bond measure with 140 projects ranging from new schools, facility upgrades, and asset preservation projects. In 2017, he managed a $268 million bond measure with more than 159 projects. This included projects ranging from new school construction building, renovating and additions to existing school buildings. The bond also included projects to improve health, safety and security and upgrade and repair facilities.
“We are excited to partner with Tiller Schoolhouse Consulting to make our bond projects a reality,” shared Jay Mathisen, Jefferson County School District superintendent. “Tiller brings decades of Central Oregon school bond project management experience to the table and is committed to the success of our bond program. We look forward to sharing updates about our bond projects very soon.”
For questions or more information about the Jefferson County School District program, please contact Joseph Prechtl, Communications Coordinator, at jprechtl@509j.net.
