At the Pleasant Valley School District board meeting on April 22, the district's financial presenter reviewed the plan to finish the high school renovation and outlined a proposed $40 million borrowing to complete the work.

The presenter said the district has already borrowed in earlier tranches and invested prior proceeds, earning roughly $1.6 million in interest on a previously borrowed $30 million. The plan presented shows the district intends to borrow an additional $40 million to fund the remaining work; the presenter said the borrowing would be marketed in early to mid-May with funds expected to be available sometime in mid-June.

Staff projected the district would use roughly $13,100,000 from cash reserves to finish the project while preserving other borrowing as a contingency only if additional funds are required in 2026 or 2027. The presenter said the district has millage in place to cover anticipated debt and that the planned debt term would remain a 20-year schedule rather than longer terms sometimes used for large projects.

The presenter reviewed the capital reserve account balances and said the capital reserve had an available balance of $15,995,726.45 as of March 31, 2025. He also noted that three earlier bonds (2018, 2023 and 2024) show zero available balance because money has already been allocated to parts of the high school project; the presenter emphasized those allocated funds are not yet spent but are committed to project elements.

The presenter told the board the plan would be revisited for final approvals before any market action and reiterated the borrowing was not expected to require additional millage; the board will be asked to "nod" before staff proceeds with final steps such as an official statement and rating.