Board authorizes sale of up to $93 million in promissory notes to start referendum work; approves appointments, trips, policies and calendar

The Sheboygan Area School District Board of Education approved a resolution authorizing the sale of not-to-exceed $93,000,000 in general obligation promissory notes to begin funding projects approved in the recent referendum and approved a slate of committee recommendations including travel, appointments and policy actions.

Board action on borrowing: the board voted to authorize district officers (the district president and clerk) to execute the borrowing parameters that will allow the district’s financial advisors to time the market for issuance. The advisors recommended an initial borrowing in early December; staff reported the district planned a structured repayment schedule and an option to refinance if market rates fall. The board carried the motion after a motion and a second; the meeting record shows the voice vote outcome as “aye” and the clerk announced the motion carried.

Financial details discussed in committee and the board meeting included: - Maximum authorized principal: $93,000,000 (not to exceed stated amount for the promissory note issuance). - Planned first principal repayment shown in the draft repayment schedule: $5,790,000 on 03/01/2025 (presented as part of the illustrative repayment plan). - Quoted illustrative interest rate discussed during committee: about 4.75% (staff noted the ability to refinance if rates decline). - Credit rating context: investigators described the district as likely to remain at Moody’s Aa2; staff noted the district’s strong position and previous debt‑levy planning allowed an early principal pay‑down to reduce interest costs.

Other motions and committee approvals recorded at the meeting (votes carried unless noted): - Approval of attendance for “School Leaders Advancing Technology in Education” convention (Curriculum & Instruction committee). - Approval for the Lake Superior Regional FIRST Robotics competition attendance. - Approval of an international cultural-exchange field trip (Interact Club) to Guatemala. - Human Resources approvals: personnel appointments and retirements (motions carried); separations noted for information only. - Approval of the 2025–26 revised school calendar (Human Resources committee action carried after committee recommendation). - Facilities Committee financial and informational items accepted (theater company financial report; community recreation department financial reporting accepted). - Finance & Budget Committee approvals: capital projects (Fund 41) cash-flow/revenue and expenditures reports; introduction (first reading) of new Board Policy 8510 (wellness); fund-balance designation related to nutritional services. - Second readings/adoptions: second reading and adoption of revised board policy numbers (transcript lists policy 0171.3 and policy number 8121 — recorded as board action and carried).

What the vote does and next steps: the resolution gives the district administration and bond counsel the authorization to complete documentation and to sign the note sale within the approved parameters; staff said the district will continue working with Baird (financial advisor) and bond counsel to finalize timing and pricing. The board also authorized the clerk and president to execute closing documents when market conditions are appropriate.

Ending: After the actions on borrowing and committee approvals, the board moved to adjourn into closed session to discuss a preliminary real-estate matter under a cited Wisconsin statute; roll-call votes were recorded to begin the closed session.