Board approves $15 million LGO Bond to support Ferrucci restoration and keep capital projects moving

The Puyallup School District Board of Directors has approved a $15 million Limited General Obligation (LGO) Bond to help restore Ferrucci Junior High as a result of the April 2026 fire and other voter-approved capital projects moving forward. 

The short-term financing addresses a timing gap between when construction costs must be paid and when funding, including insurance reimbursements related to the Ferrucci fire, is received. 

The LGO Bond will support the Ferrucci restoration along with roof replacements at Ballou Junior High, Edgemont Junior High and Spinning Elementary, and HVAC improvements at Aylen Junior High, Emerald Ridge High and Stahl Junior High. 

The financing is restricted to capital construction and cannot be used for district operations or salaries. It also will not increase property taxes. The bond will mature June 1, 2028, and will be repaid with legally available capital funds, which may include future Ferrucci insurance proceeds and proceeds from the district’s voter-approved Capital Levy to Restore, Improve, and Replace School Infrastructure. 

The $15 million authorization is not intended to cover the full cost of all identified projects. The district will continue to prioritize projects and identify additional funding sources as needed. 

The LGO Bond is a short-term cash-flow tool, not a solution to the district’s operating budget deficit. Capital project funds and operating funds are legally separate, and the financing is specifically designed to address the timing of capital construction expenses and incoming revenue. The district’s dedicated short-term financing webpage provides additional information about how the financing works and why it is needed. 

Learn more about the district’s short-term financing and the LGO Bond