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Financial adviser: district presale on track for $14.5 million, board to authorize issuance May 20
Summary
Matthew Hammer of Ehlers told the Fridley board the district expects to issue about $14.5 million tied to the voter-approved projects and plans to close in June; market volatility could change timing and the board will consider authorizing the issuance May 20.
Matthew Hammer, the district's financial advisor from Ehlers, told the Fridley Public Schools Board on April 15 that presale work for voter-approved projects is proceeding and the district intends to close bonds in June.
Hammer said the district plans to issue about $14,500,000 as part of the authorization framework that voters approved in November 2024. He described an expected process: a rating review, due diligence and then the board action to authorize issuance and award at the May 20 meeting.
"Right now, we're in the midst of getting ready to start the sale process, and we're assuming, we're gonna be closing on those bonds at the June," Hammer said. He added that the district's levies were authorized as part of the final levy process in December and that the plan aligns with pre-referendum schedules.
On market conditions he said volatility affects investor appetite. "When there is uncertainty, that impacts market conditions and people's willingness to put their money to work," Hammer said, adding that the district would monitor conditions and could postpone the sale if circumstances changed.
No formal board action on bond issuance was taken April 15; board members were informed the May 20 meeting would include formal authorization and award if conditions allow.
