Interest rates are low

OTHELLO — Seattle-Northwest Securities Vice President Mark Prussing told the Othello School Board Tuesday the timing of the bonds sale may be in the district's favor.

The district is planning to sell voter-approved bonds totaling $28.6 million.

"Interest rates right now are as low as they've been in 30 years," Prussing said. "Right now is a really good time to borrow money."

Combined with a higher rate of return for the bonds, the district's timing is good, he said.

"It's really a perfect world for you to fund your capital projects right now," he said.

He recommended the district sell all the bonds at once to lock in low interest rates. The total cost to voters is $2.60 per $1,000 in assessed home value in 2008 and $2.61 in 2009.

The district could give their final approval of the sale June 11. Seattle-Northwest Securities would find a buyer for the bonds the same morning, Prussing said.

Additional classrooms for McFarland Junior High School are on the list of projects to make way for a traditional middle school system. New classrooms are being added to the elementary schools, including seven classrooms at Scootney Springs Elementary School and four classrooms at the other elementary schools.

Other projects included in the sale are a modernization of McFarland Junior High School and the elementary schools. Othello High School is going to be reconfigured for additional classroom space, and a multipurpose room is being added.