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School board approves parameters to sell up to $9.5M in promissory notes in 2025 and 2026
Summary
The Committee of the Whole approved two resolutions delegating final sign-off for the sale of general obligation promissory notes (each not to exceed $9,500,000) to capture favorable market conditions and a bank-qualified tax benefit that could lower interest costs; the board voted to proceed on both 2025 and 2026 issues.
The Sheboygan Area School District Committee of the Whole voted to approve two resolutions establishing parameters for the sale of general obligation promissory notes, each not to exceed $9,500,000, in transactions planned for December 2025 and early 2026.
Brian Brewer, a financial advisor with Baird, told the board the district previously locked in $93,000,000 at a 3.78% all-in rate and recommended selling two smaller issues to take advantage of market movement and a federal "bank-qualified" tax provision that applies when banks buy municipal debt under $10 million in a calendar year. Brewer said the split…
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