West Bend board discusses referendum financing, considers RFPs for municipal advisor and underwriter

At the Dec. 16 meeting of the West Bend Joint School District No. 1 Board of Education, trustees discussed next steps for financing a planned referendum, focusing on whether to retain Baird as underwriter and how to select a municipal advisor to evaluate underwriting proposals.

Superintendent Wimmer outlined two distinct roles the board must fill: an underwriter to help execute a bond sale and a municipal advisor to provide independent evaluation of underwriter proposals and long-term financing strategy. She said Baird, the district's long-standing financial partner, has expressed interest in serving as underwriter but cannot also act as municipal advisor. "They're interested in pursuing underwriting with the district on that. So they can't be also the municipal advisor," Wimmer said.

Board members asked whether the district should solicit competing proposals. "Isn't that kind of our obligation to make sure we're getting the best rates?" one board member asked, noting the district's existing relationship with Baird. Wimmer recommended issuing requests for proposals for both roles and using the municipal advisor to help vet underwriting offers; she said that process would cost the district administrative time but not necessarily direct dollars. She added Baird is willing to present at a January meeting.

No formal action was taken; the board directed staff to prepare two RFPs (one for municipal advisor services and one for underwriting) on a truncated timeline, to solicit interest and return recommendations to the board in January. Staff noted potential sequencing for a spring bond sale and that borrowing could be pieced into multiple series depending on project timelines.