Evergreen sold bonds for $200M in project funding

Evergreen Public Schools recently sold the second set of bonds from the $695 million February 2018 voter-approved measure.The bonds will provide $200 million in project funding, and were sold via a competitive bidding process conducted by the district’s finance team and approved by Superintendent Mike Merlino. Bids were received from seven national underwriting syndicates, with the winning bid from a group led by Bank of America Securities. The overall cost of borrowing for this 19-year financing is a low 2.41%.The funds will go toward a wide variety of projects that will include the new Mountain View and Legacy high schools, Marrion and Ellsworth elementary schools and other capital renewal projects. The first sale of $125 million in June 2018 is being used to fund the replacement of Sifton and Image elementary schools, construct the district’s 22nd elementary school, and covered a number of capital renewal projects undertaken during the last year.

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Joanna Yorke is the managing editor of the Vancouver Business Journal. She has worked in the journalism field since 2010 after graduating from the Edward R. Murrow College of Communication at Washington State University in Pullman. Yorke worked at The Reflector Newspaper in Battle Ground for six years and then worked at and helped start ClarkCountyToday.com.