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Underwriter presents financing plan: district could phase $106 million referendum borrowing, lock attractive rates now
Summary
Baird, the board-appointed underwriter, told the West Bend school board that current market conditions make it advantageous to lock a first-phase bond sale of about $96 million while reinvestment rates cover earnings; the firm recommended phasing the referendum authorization and continuing to monitor rates ahead of a mid-February resolution.
Baird, the underwriting firm selected by the West Bend Joint School District No. 1 Board of Education, presented a market update and a two-phase financing approach for the referendum-authorized projects during Monday's meeting.
Brian Brewer of Baird told the board that the district is positioned to consider locking a first-phase sale of roughly $96 million while leaving a second phase for early 2026. Brewer said the current market presents a rare environment in which borrowing rates are historically favorable and reinvestment rates are similar, enabling the district to earn investment income on bond proceeds while minimizing interest-rate risk.
22We are the number 1 ranked underwriter nationally as well as, in Wisconsin,22 Brewer said during his presentation, describing Baird's market role in placing bonds with local and national investors. He noted…
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