We are past the first major milestone in the implementation of the construction bond by selling $178.7 million of our bond authorization this week. This sale will generate funding to pay for repair projects at 48 schools and to construct four new schools. The favorable terms of the sale will bring a savings to taxpayers.

Based on this sale, the new estimate for the cost of the bonds is down to $1.06 per $1,000 instead of the original $1.21....meaning a savings.

For the complete update on the construction bond approved by voters in November 2008, please go to http://www.salemkeizer.us/bond/. The update includes what work has already been done and what's coming up next.