Submitted by North Thurston Public Schools
On May 14, 2025, North Thurston Public Schools (NTPS) successfully completed a $65,200,000 public sale of their Unlimited Tax General Obligation bonds with a favorable overall borrowing cost of 3.85%.
The $65.2 million of new debt issued will provide the necessary capital to continue work on the projects approved by voters in February 2020. In 2020, voters authorized the district to borrow up to $275.2 million for district-wide projects. The 2025 sale is the fourth and final series of bonds issued per that 2020 authorization. The proceeds provide ongoing funding to:
- Renovate, modernize, and enhance learning environments at River Ridge High School, Komachin Middle School, and the Raj Manhas Activity Center (RMAC).
- Make district-wide safety and security improvements, asset preservation improvements, and safety upgrades.
The district works diligently to only incur debt as needed, which reduces the burden on taxpayers.
NTPS underlying bond ratings were recently reaffirmed as Aa3 by Moody’s Ratings, which demonstrates responsible stewardship and financial management by the district board and administration. These strong ratings provided impetus for investor demand for the bonds, resulting in a lower borrowing cost to district residents.
“We are grateful for our community’s ongoing support of public schools and are happy to deliver on their trust to be responsible stewards of public funds,” said NTPS Superintendent Troy Oliver. “The projects financed by the 2020 bond continue to be delivered on time and on budget and help ensure high-quality learning environments for NTPS students.”
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