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SD U-46 closes $60 million Series 2025 bond sale; construction on multiple middle schools advances
Summary
District officials reported a successful Series 2025 bond sale that raised $60 million, noted a credit-rating upgrade, and provided construction updates including Hawk Hollow Middle School on schedule and bid activity for Kimball and Kenyon Woods.
Dr. Anne Williams, deputy superintendent of operations, told the SD U-46 Board on Feb. 24 that the district successfully closed a second series of referendum-approved bonds in January, raising $60,000,000. Williams said that brings the total issued to $122,000,000 against the $179,000,000 authorized by voters.
Williams said the issuance, led by JPMorgan with Baird and Cabrera Capital as co-managers, was oversubscribed (2.5x) with institutional orders totaling about $137,800,000 and retail individual orders totaling $460,000 (including $20,000 reported from district residents). The district cited a Standard & Poor’s credit-rating upgrade from AA to AA+ and favorable market conditions as factors supporting demand. Williams reported an all-in true interest cost of 4.015%, lower than the pre-pricing estimate of 4.085%.
Nut graf: The bond proceeds are available to support the district’s Unite U-46 capital program and will fund construction and renovation projects the district described to the board; Williams said the district plans a further bond issue in early 2026 to continue capital investments while maintaining levy stability.
Construction updates: Williams and Lindholm briefed the board on middle-school projects. Hawk Hollow Middle School was described as on schedule to open this summer and ready to welcome seventh-grade students. The district said bid processes for renovations at Kimball and Kenyon Woods middle schools are nearing completion and that the bid process for the new Elgin middle school is underway. Williams said construction sequencing will require some temporary relocations (for example, Kimball’s main office will move to the auditorium and the auditorium will be closed for the remainder of the school year). The administration indicated multiple recommendations related to construction and insurance would be presented later in the meeting.
Operational notes: Williams highlighted partnerships in the bond sale (Cabrera Capital carried a 25% liability share) and stressed the district’s commitment to a stable tax-rate strategy for debt service.
Ending: Bond proceeds from the Series 2025 issuance were reported available as of Feb. 20; district staff said additional bid approvals and insurance items would be considered during the same meeting.
