Edina board authorizes staff to seek sale of refunding bonds amid market uncertainty

The Edina Public School District board authorized district staff to seek the market sale of general obligation refunding bonds (to refund Series 2017A) at the Nov. 10 meeting, with conditions set so the sale proceeds only if projected debt‑service savings meet a minimum threshold.

Finance Director Mert Woodard told the board that market factors — including a recent federal government shutdown, incomplete economic data and Federal Reserve comments — had raised short‑term interest‑rate uncertainty. That volatility reduced the district’s expected refunding savings: staff had earlier estimated approximately $230,000–$250,000 in savings, which had declined to roughly $178,000 as of last week. The parameters in the board packet set a minimum acceptable savings level for proceeding.

Woodard explained staff and municipal advisers will continue to monitor markets, execute a Moody’s ratings call if the sale is to proceed, and return a ratification resolution to the board if bonds are marketed and sold. He noted that if issuance shifts into January the series designation would change (Series 2026A) and that Feb. 1 is a practical deadline tied to the district’s principal‑payment schedule for the bonds.

Board members asked clarifying questions about the timing and the minimum savings threshold; the packet set a minimum of $150,000 in the parameters before the district would move forward. The board approved the authority by voice vote; staff will report back before any final sale.