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Board approves $52 million bond anticipation note to fund referendum projects
Summary
The Waunakee Community School District Board approved a $52,000,000 five‑year bond anticipation note to continue work on referendum projects; board members voted by roll call and administration said the sale produced lower interest costs than earlier projections.
The Waunakee Community School District Board of Education voted to issue a $52,000,000 bond anticipation note on a five‑year schedule to fund projects tied to the district’s $175,000,000 referendum. The board approved the authorizing resolution after administrators reported the note’s sale produced a winning bid at 3.617 percent interest.
Administration said the note is the next step in financing major capital work including Heritage Elementary, the middle school and other districtwide maintenance, and that closing on or around April 1 provides additional flexibility for future debt planning. Administration said the final pricing produced approximately $975,000 less in interest costs than the plan previously presented to the board.
The board approved the resolution authorizing the issuance and sale of the bond anticipation note by roll call vote. Members answering “yes” during the roll call included Katie (last name not specified), Judy (last name not specified), Ted (last name not specified), Jeff (last name not specified), John (last name not specified), Anne Hetzel and others called during the vote.
Administrators and the district’s financial advisor told the board the structure intentionally uses five‑year anticipation notes for the larger portions of the referendum borrowing to leave the option of refinancing into longer‑term bonds if market rates fall. The presentation also showed a debt service plan the administration said would target a roughly 2.1 percent annual debt levy increase over the long term, funded in part by interest earnings on referendum proceeds and by new construction growth.
Board members discussed the refinancing option and how the five‑year note fits into the district’s long‑term debt schedule before moving to the roll call.
The board’s action authorizes district officials to complete the closing and execute the documents necessary to complete the sale and related tasks outlined in the resolution. The administration said it will continue to monitor markets and return to the board if it recommends refinancing earlier than scheduled.
