Bond refunding approved at BI school board meeting
Published 1:30 am Tuesday, May 5, 2026
At its April 30 meeting, the Bainbridge Island School District Board of Directors approved refunding for both the 2014 and 2016 Unlimited Tax General Obligation (UTGO) Bonds, with over $1 million in savings projected for taxpayers until the bonds mature in 2033 and 2035, respectively.
In November 2025, the district was contacted regarding the potential savings that could be achieved by refunding the 2014 and 2016 UTGO bonds. D.A. Davidson met with district staff in December 2025 to analyze BISD bonds that are eligible for refunding and to outline the savings that could be realized with a public offering. A study session was held Feb. 26 to review the refunding process and to highlight the anticipated savings for the local tax base.
On April 30, the board met with Corey Plager from D.A. Davidson & Co. and Faith Pettis from Pacifica Law Group and bond counsel for BISD, who provided a brief update and addressed questions from the board.
A school bond refunding is a process that reduces the debt payments of the district by issuing new bonds with lower interest rates to pay off the old bonds with higher interest rates. The savings from a bond refunding directly reduce taxes paid by the local taxpayers.
Refinancing the bonds benefits the taxpayers and businesses directly, not BISD, shared Plager April 30. The savings are currently at 3.57%, which Plager shared is a healthy number to be at for the district.
The bond sale date is June 18, and once the calendar hits that date, interest rates and savings are locked in. Bond closing is shortly after that on June 30.
A monthly report on Capital Projects was also shared at the April 30 meeting.
Capital staff is working with contractors and consultants to establish a scope of work and cost estimates to resurface the rubberized track and replace sand associated with various track and field events at Woodward Middle School. Work is tentatively scheduled for July 13 at the school.
Staff also shared they are preparing final contract documentation for Apollo Mechanical Solutions Group LLC to conduct indoor air quality assessments district-wide.
In regard to transportation, inspection of all BISD buses and motorpool vehicles is scheduled for May 19 and 20. Mechanics are performing regular maintenance and providing coverage for various routes on an as-needed basis. Office staff is preparing to submit the ridership reports to the Office of Superintendent of Public Instruction through the STAR system for the spring quarter.
