Preparing a bond issue isn't simple, as Natrona County School District staff members and trustees on the school board learned Thursday.

The board authorized district staff to investigate the cost, timing and steps involved in passing a bond measure in the future -- whether that's in May of 2010 or November of 2012. The decision came on the heels of several projects that were brought for consideration - improvements to Kelly Walsh and Natrona County High Schools, construction enhancements to the new Summit Elementary School and an eastside activity complex.

The total cost is estimated to be $35 million, and the state School Facilities Committee won't pay for those projects because they are not included in its funding model. The district last put forth a bond issue in 1994, when a $16.5 million general obligation bond passed with 73 percent of the vote.

Mary Keating-Scott of George K. Baum and Co. of Cheyenne presented several financing options but focused on two plans: a general bond obligation bond and qualified school construction bonds paired with traditional tax exempts. Both plans would assess a mill levy at about 2 mills, based on the district's current assessed value of $1.28 billion and assuming the value won't increase.

"Most boards go through this type of process once at the most," Keating-Scott said. "We've seen a decrease in bond issues since the SFC and the state have done the majority of the financing, but it has been done."

Although 12 months ahead is the ideal time to begin planning, it can be done in less time, said Paul Hanley, senior vice president and elections specialist at George K. Baum and Co.

"We have to think about the mind of the voter, especially when we have a still-lousy economy," he said. "The trust of institution outweighs the project."

One of the first steps in preparing the issue is a telephone poll to feel out that level of trust and determine the community's desires and expectations. Another step is determining the makeup of the electorate.

The investment firm has underwritten bonds for enhancements in Johnson Country School District No. 1 and Sheridan Country School District No. 1, as well as the $35 million Casper College general obligation bond that passed in November 2008 with 58 percent of the vote. The firm does not charge for materials leading up to the bond election, but if the measure passes, the firm becomes the sole underwriter for the bonds. Casper College paid for the election through its foundation, said Keating-Scott. The school board would have to create a political action committee to campaign for the bond issue.

The board will decide whether to pursue a bond election after it hears from the Path to 2025 Visioning Committee in November. The committee report will include plans for a third high school and goals for the district's secondary schools.

Reach education reporter Jackie Borchardt at (307) 266-0593 or at jackie.borchardt@trib.com. Read her education blog at tribtown.trib.com/reportcard