Blue Valley board approves bond sale to issue remaining 2023 authorization and explores refunding older bonds

The Blue Valley Board of Education voted unanimously on Oct. 13 to approve a sale resolution authorizing the public sale of general obligation bonds to issue remaining proceeds from the 2023 bond referendum and to permit refunding of callable 2015 bonds if market conditions generate savings.

CFO Jeremy McFadden introduced the action item and Shelby Exposito of Gilmore & Bell described the process: the resolution authorizes selling up to the remaining $101.25 million in 2023 referendum authority as a 2025A series and, if advantageous, issuing a 2025B series to refund outstanding 2015A/B bonds. Exposito said the board would receive sale results at the Nov. 10 meeting and, if approved, close in early December.

David Arterberry of Stifel Nicholas said the district has callable 2015A and 2015B series and estimates, based on current market conditions, that refunding could produce net savings of about $1.1 million to $1.2 million over the next 10 years after costs. He emphasized refunding would proceed only if the day‑of‑sale market produced meaningful savings.

"If on the day of the sale interest rates have gone up and there's no meaningful savings being generated, what we would simply do is cancel the sale of the 2025B bonds and just bring back to you the results of the 2025A," Arterberry said.

After presentation and brief questions about duration and maturity, a board member moved to approve the 2025A/B bond sale resolution; the board raised hands and the motion passed unanimously.

The resolution authorizes district staff, the financial advisor and bond counsel to prepare sale documents, obtain credit ratings and proceed with the steps necessary for the public sale, with a planned sale date of Nov. 10 if market conditions are appropriate.