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Port Washington‑Saukville board approves parameters to sell up to $49.4 million in notes, authorizes $10 million debt redemption
Summary
At its May 19 meeting the Port Washington‑Saukville School District board authorized parameters for a general obligation promissory note not to exceed $49.4 million and approved using $10 million in referendum savings to redeem older school improvement debt.
PORT WASHINGTON, Wis. — The Port Washington‑Saukville School District Board of Education on May 19 approved parameters to issue a general obligation promissory note not to exceed $49,400,000 and separately authorized using $10,000,000 of referendum savings to redeem certain outstanding school improvement bonds.
The actions allow the district to borrow for capital projects approved by voters in the district’s recent referendum and to pay down prior debt, measures the board’s finance advisers and district staff said will reduce long‑term interest expense.
District business manager Mel (role title per transcript: business/finance lead) told the board the resolution sets a maximum interest rate of 5.25% while giving the district flexibility to time the sale. “We cannot exceed 5.25%. But this does…
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