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West Bend board approves proceeds manager after $80 million bond sale; district earned lower interest rate than projected
Summary
Assistant Superintendent Lenny Hansen updated the board on an $80 million bond sale and the district’s upgraded S&P rating; the board adopted a resolution naming American Deposit Management as the bond proceeds management agent with one abstention.
The West Bend Joint School District Board on April 14 heard an update on the district’s recent bond issuance and voted to designate American Deposit Management (ADM) as the authorized agent to manage the proceeds from an $80,000,000 bond sale.
The presentation, led by Assistant Superintendent Lenny Hansen, said the district’s bonds were sold at a 4.42% interest rate — below the district’s earlier planning estimate of 4.75% — which Hansen described as “substantial savings to our taxpayers in interest payments over the life of the bonds.” Hansen also told the board that the district’s credit rating was upgraded by S&P from “AA-” to “AA,” a change he said puts the district…
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