It looks like Lopez Island School District will recieve approval of a $1 million bond measure.

Voters approved the measure by almost 75 percent in a preliminary count.

The measure received a majority approval in each of the district’s three voting precincts, and met the required 60 percent overall approval required in Washington state for bond measures.

While there may be last-minute ballots for the San Juan County Elections Office, district officials said the Feb. 28 officially certified election count will confirm this approval of the district’s request.

“District officials are pleased to be able to secure these bond funds at this estimated low rate and thus demonstrate continued fiscal responsibility in its use of public monies,” said Superintendent Bill Evans.

The district will use the proceeds from the bond to pay off a line of credit it secured in the fall of 2009 to fund an emergency replacement of the elementary fire sprinkler suppressant system when the original system failed. Fire department officials required the replacement in order for the elementary school to remain open. The line of credit was also used to continue work on the district heating, ventilation and air circulation system. The estimated cost to taxpayers of the distrcit will be $0.07 per thousand dollars of assessed property value, for an estimated 15 year pay-off period.

The district’s strong bond rating will enable it to take advantage of bond-sale interest rates estimated to be below 3 percent.

“We are grateful for this strong support of the Lopez community,”said School Board Chair Diana Hancock. “We have been, and will continue to be diligent in our efforts to use taxpayer money wisely and efficiently in projects such as these and those of the future.”