Board ratifies resolution to explore refinancing Lake Area Tech debt through SD HEFA
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Summary
The Watertown board approved a resolution to allow pursuit of refinancing certain 2015 bond series for Lake Area Tech through the South Dakota Health and Education Facilities Authority if favorable market conditions arise.
The Watertown School Board voted to ratify and confirm a prior Board of Technical Education action to enable refinancing of a 2015 bond series for facilities used by Lake Area Tech, the district’s technical college component. Administrators said the refinancing opportunity would shorten debt terms and could be advantageous for students and the system if market rates are favorable.
An administrator explained the background and intent: the Board of Technical Education approved a similar resolution at its Oct. 23 meeting to pursue refinancing, and the current action gives the Watertown board authority to ratify that step "if this refinance becomes available," the administrator said. The administrator noted the specifics of interest rates and the call date were not determined at the time of the meeting.
The board approved the resolution by voice vote. District staff said they will monitor the refinancing window and return with concrete terms before any binding decision.
Next steps: staff will track market conditions and report proposed refinancing terms to the board for formal consideration.