West Bend School District issues $80M bonds with upgraded credit rating

In a pivotal meeting held on April 14, 2025, the School Board of Wisconsin gathered to discuss significant updates regarding the district's bond issuance, a crucial financial maneuver aimed at supporting local educational initiatives. The atmosphere was charged with anticipation as Assistant Superintendent Lenny Hansen presented the latest developments, following a previous meeting on March 17 where the groundwork for this bond issuance was laid.

Hansen detailed the district's plan to issue $80 million in bonds, a decision that has been carefully strategized to ensure financial stability and benefit to taxpayers. The board had previously approved a parameters resolution, setting the stage for this financial undertaking. This resolution outlined key aspects such as the maximum interest rate and the term of the bonds, which is set at 20 years.

A highlight of the meeting was the district's recent upgrade in credit rating from S&P Global Ratings, moving from a double A minus to a double A. This upgrade places the district among the top 19 rated school districts in Wisconsin, a testament to its strong financial health and effective management. Hansen emphasized that this improved rating would enable the district to secure a more favorable interest rate on the bonds, ultimately saving taxpayers money. Instead of the anticipated 4.75% interest rate, the bonds were sold at 4.42%, resulting in an estimated savings of $8 million over the life of the bonds.

As the meeting progressed, Hansen outlined the next steps in the bond issuance process. The actual closing of the bond sale is scheduled for April 16, 2025, when the district will receive the $80 million proceeds. These funds will be strategically managed to maximize interest earnings until they are needed for construction projects, which are expected to commence soon.

The board members expressed their gratitude to the administrative team for their diligent work in navigating the complexities of the bond issuance process. With the groundwork laid and the financial strategies in place, the district is poised to enhance its educational facilities while ensuring fiscal responsibility and community benefit. As the meeting concluded, the board looked forward to the positive impact these developments would have on the district and its students.