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Caledonia delays Series 2 bond pricing amid market volatility; board advances remaining 2020 bond projects
Summary
District finance staff said the sale of the second series of the 2023 voter-approved bond will be delayed because of market volatility; board members also reviewed bid packages and project timing for monument signs, Kettle Lake paving and construction management for final 2020 bond projects.
District finance staff told the Caledonia Community Schools Board of Education that the district will delay pricing the second series of its 2023 voter-approved bond because of recent market volatility.
The finance staff member identified as Miss Grace said bond pricing had been scheduled but that, after market movement the afternoon prior, the district will wait for more favorable conditions. She said the district’s Standard & Poor’s bond rating “should be good for 2 months,” giving the district flexibility to delay pricing. Grace said the district’s financial advisor, PFM, will provide daily updates on market conditions and the district will seek to time the sale to be most advantageous to taxpayers.
Board members asked about the district’s credit rating; staff said the district rating was “AA minus” and noted the district participates in the state loan fund, which provides additional credit support.
Separately, the board reviewed several remaining projects tied to the 2020 bond package as it closes out the program. Facilities staff presented a monument-sign bid package covering four district locations (Caledonia Elementary, Kettle Lake Elementary, Paris Ridge Elementary and the Cal Community Center) and said bids were opened earlier in the month and will be vetted for a May presentation.
Kettle Lake Elementary was discussed in detail: staff described pavement failures, student crossing and circulation concerns and a proposal to resurface the parking lot, add a connecting pathway to a township trail, and construct a pull-off lane on Garbo Road. Bids for Kettle Lake work are due May 13 and staff expects to present preliminary numbers at the district’s May committee meeting and seek final approval on May 19.
Staff also presented a construction-management proposal for paving and roofing wrap-up work from StructureTech; staff said StructureTech has previously served as construction manager on multiple district paving and roofing projects and has historically come in under budget compared with other firms.
No final bond sale decision was made; the board emphasized that delaying pricing is intended to protect taxpayers and that staff will return with pricing recommendations when market conditions improve.
