North Thurston Public Schools completes $65.2 million bond sale

North Thurston Public Schools has borrowed money to help renovate, modernize and enhance learning environments at River Ridge High School, Komachin Middle School and Raj Manhas Activity Center (RMAC).

The funds will also be used to make district-wide safety and security improvements, asset preservation improvements and safety upgrades, according to a news release from the district.  

On May 14, North Thurston Public Schools (NTPS) completed a $65.2 million public sale of Unlimited Tax General Obligation bonds with an overall borrowing cost of 3.85%.

The new debt will provide the funds needed to continue work on projects approved by voters in early 2020 when the district was authorized to borrow up to $275.2 million for district-wide projects. The 2025 sale is the fourth and final series of bonds issued per the 2020 authorization, according to the news release.  

“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 in a statement.

“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.” 

The bonds were rated as Aa3 by Moody’s Ratings, according to the district. The rating demonstrates responsible stewardship and financial management by the NTPS board and administration, resulting in a lower borrowing cost to the district’s residents.  

With the funds, River Ridge High School is undergoing major modernization. The project began in July 2022 and will be completed in 2027. A new 70-classroom wing will open this fall as part of the phased project.  

Another modernization project at Komachin Middle School was completed in 2024 with the money approved in 2020, and upgrades are coming to the Raj Manhas Activity Center to house the district’s Ignite Family Academy, Family & Youth Resource Center, the South Sound Reading Foundation and the Student Records department.  

Upgrades at various schools are also making them safe, dry and warm, according to the district. New boilers were installed at Horizons, Meadows, and Seven Oaks elementary schools to improve efficiency and dependability. The schools also received roof replacements, with gutters, snow guards and roof anchors.  

 Secure entrances are also being put in schools across the district to ensure visitors check in at the front office.