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Tri‑County update: construction to 2027 after $140 million bond sale; Millis' share edges up with enrollment increase
Summary
Tri‑County school officials told the Millis Select Board on Jan. 27 that the district sold $140 million in bonds to fund construction and remains on a schedule to finish construction in 2027, while an October enrollment uptick modestly increased Millis’ projected share of early debt service.
Tri‑County Regional Vocational Technical High School officials updated the Millis Select Board on Jan. 27 about the school building project timeline, recent financing and changing enrollment that affect member towns’ debt shares.
School business officials said the district remains in the site enabling and final design phase and continues to anticipate construction through the summer of 2027 and an opening for students in September 2027. The district entered the Massachusetts School Building Authority (MSBA) pipeline in December 2019 and completed a feasibility study in 2021.
On Jan. 7 the district sold $140,000,000 in school bonds to fund the bulk of construction. Officials said six bids were received and the low bid came from Jefferies LLC with a true interest cost (TIC) of 3.9899 percent; the sale included a premium of $3,400,000 that under Massachusetts General Law must be returned to the bond issue and affects the net debt. “We sold a $140,000,000 in school bonds. 6 bids were received. The low bid was Jefferies LLC of New York with a true interest cost of 3.9899,” a Tri‑County finance representative said during the meeting.
Officials said the $140 million issuance should carry the project through about two years of construction; the district expects to borrow additional sums later in the construction sequence and again once final MSBA reimbursements are known. “We will probably borrow two more times,” the presenter said. The district estimated another borrowing in the near term (roughly $28 million) and additional borrowing once MSBA determinations are final.
Enrollment figures presented to the Select Board show a rise in the district’s October 1, 2024 enrollment compared with earlier projections. Millis’ foundation enrollment rose by 11 students in the October 2024 count used to set FY2026 allocations, which modestly increases Millis’ share of the debt service for the first year of payments, officials said. The presenter noted the district originally used a projected bond rate of 4.25 percent in earlier calculations; the lower bond result improves financing costs compared with that earlier assumption.
Tracy Stewart, chair of Tri‑County’s legislative subcommittee and a Tri‑County school committee member, urged Millis officials to support pending state legislation she and others are promoting to increase MSBA reimbursement for vocational, technical and agricultural schools and to address capacity. Stewart said the 194th legislative session includes bills titled “An Act to Improve Access, Opportunity and Capacity in Massachusetts Vocational Technical Education,” and that the bills would create a tiered evaluation so high‑cost vocational projects receive higher reimbursement rates than typical K‑12 projects. “We would implore this committee, please, to look at the 194th legislative session that just opened,” Stewart said, asking towns to write legislators in support.
Stewart and other speakers also discussed admissions and capacity rules: Tri‑County uses an allocation formula that provides each member town a proportional number of seats; Millis was assigned 13 freshman seats under the district formula and enrolled 14 freshmen in the latest cycle, officials said. She warned that proposals in other parts of the state to move to lottery‑style admissions could undermine towns’ proportionate seats and asked local officials to follow the pending legislation.
Why it matters: Tri‑County is a shared regional school serving 11 member towns. Changes in October 1 enrollment counts adjust each town’s share of debt service; the bond sale and lower-than‑expected interest cost will affect projected payment schedules for member communities. Officials emphasized that final MSBA decisions will determine the ultimate reimbursement level and the final size of local borrowings and town allocations.
What’s next: Tri‑County officials said they expect to borrow again during construction and to return with a final cost and MSBA reimbursement schedule when that information becomes available. Millis Select Board members and finance officials will monitor debt allocations and the school building committee’s upcoming filings with the MSBA.
