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West Bend board approves parameters to sell up to $80 million in promissory notes for referendum projects
Summary
The board unanimously approved a resolution authorizing district staff and financial partners to proceed with parameters for a sale of up to $80,000,000 in general obligation promissory notes as part of implementing a voter-approved referendum; the board heard that sale is expected in early April, with a second issuance planned for spring 2026.
The West Bend Joint School District No. 1 board unanimously approved a resolution establishing parameters for the sale of up to $80,000,000 in general obligation promissory notes, a procedural step in implementing the district's voter-approved referendum.
Assistant Superintendent Lenny Hansen explained the resolution is a standard procedural authorization that sets upper limits the district must stay within when it goes to market to sell bonds tied to the referendum. "Today's action item is the next procedural step in that process as the district is coming close to completing that process of collecting proceeds for the majority of the amount that was in the referendum," Hansen said.
Hansen and administrators said the referendum approved by voters totaled $106,250,000. The board approved parameters for a first issuance of up to $80,000,000, with the remaining proceeds expected to be issued in spring 2026. Administrators said the district is coordinating with financial and legal advisors'including Baird (underwriter), PMA (financial adviser) and Quarles & Brady (legal counsel)'to time the sale, seek competitive interest rates and determine where proceeds should be deposited until they are spent on projects.
Hansen said the administration and advisers selected $80,000,000 as the first issuance based on projected cash needs and the pacing of construction projects; advisers also considered how to earn interest on proceeds while avoiding federal limitations on excess investment earnings. The district reported ongoing conversations with banks and vendors about short-term banking arrangements for the proceeds.
Board members asked how the amount was determined and how the district will seek favorable interest terms. Hansen and staff said the advisers modeled anticipated project spending schedules and market conditions, and that they expected to secure rates at or better than the estimates used during the referendum outreach. Officials noted final sale terms will be set on the day of sale; the resolution sets the maximums the board authorized.
The motion to approve the parameters passed unanimously; the administration plans to report back to the board after the sale and at future meetings as projects proceed.
