For Immediate Release:
August 31, 2020
Treasurer’s Office to Issue $3 Million Local Direct Investment to NEWESD 101 in Support of Statewide School PPE Purchases
Spokane County, WA – The Treasurer of Spokane County announced today that $3 million will be issued September 1st via a Spokane Public Investment Fund Local Direct Investment (LDI) to Northeast Washington Educational Service District 101 (NEWESD). NEWESD 101 provides programs and support services to public, private and charter schools across seven counties in Northeast Washington. The Local Direct Investment supports the front funding of PPE equipment purchases for school districts across the state in cooperation with other ESD’s. The Local Direct Investment will be repaid by NEWESD 101 in ninety days.
The Treasurer of Spokane County manages the investment of nearly $1.3 billion in local government cash reserves. Up to five percent of the pooled investment fund may be invested locally through the LDI program. Local Direct Investments are offered at competitive rates to public investment participants earning interest while also saving taxpayer dollars on public projects versus securing private financing.
The Local Direct Investment to NEWESD 101 resulted from a need to front fund the purchase of PPE equipment for statewide school districts. The Treasurer’s Office investment to NEWESD 101 allows for the pooled PPE purchases to move forward this fall prior to maturity of the financing.
“We want to help our schools however we can to have the equipment and safe facilities necessary to offer in-person education this fall. The COVID-19 pandemic has brought about unique challenges one of which is compliance with the Governor’s social distancing mandates. This partnership with NEWESD 101 helps schools around the state have the safety measures they need in place and I am pleased to be a part of that effort.” Said Michael Baumgartner, Treasurer of Spokane County.
With approximately $46 million in available capacity to issue new local loans, the Treasurer’s Office has sought to increase awareness and participation amongst its local government partners. In the past year, the Treasurer’s Office has issued local loans to Spokane County Public Works for infrastructure improvements at Bigelow Gulch and to Spokane County Fire District 2 for the purchase of upgraded emergency medical transport equipment.
“NEWESD and the public-school districts and private schools we serve and support are extremely grateful to the Spokane County Treasurer’s Office for making this loan, supporting the purchase of needed PPE in order to facilitate teaching and learning while the pandemic continues – protecting the safety of students, families and educational professionals.” Said Dr. Michael Dunn, Superintendent of NEWESD 101.
The Treasurer of Spokane County collects, safeguards and invests the public’s funds. Managing approximately $1.3 billion in invested local government cash reserves, the Spokane Public Investment Fund provides safety, liquidity and then return on investment to over 80 regional government entities.