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Rockford board authorizes sale of final series of 2019 bonds up to $38 million
Summary
The Rockford Public Schools Board approved an authorizing resolution to sell the third series of its 2019 bond issue, delegating sale logistics to staff and advisors; PFM Financial is the consultant and Stifel, Nicolaus & Company was named underwriter. A roll-call vote followed.
The Rockford Public Schools Board of Education voted to authorize the sale of the third and final series of its 2019 bond issue, approving an authorizing resolution that delegates the bond sale and related administrative matters to district staff and outside advisors.
The board was presented the measure as an authorizing resolution prepared by legal counsel and discussed by district leadership. The district named PFM Financial as the designated financial consultant and said the sale would be underwritten by Stifel, Nicolaus & Company; the presentation stated the sale amount would not exceed $38,000,000.
The measure was moved and seconded and the board conducted a roll-call vote. Trustees responding during roll call indicated support for the resolution. The board chair said a roll-call vote was needed to complete the sale authorization.
Why it matters: authorizing the sale lets the district complete the financing plan voters approved in 2019 and unlocks funds for projects previously approved in that bond referendum. The advisers and underwriter named in the resolution will manage the timing and pricing of the sale.
What happens next: district staff and the named financial consultant will proceed with the sale process as authorized. The board did not specify a firm closing date during the meeting and the presentation referenced follow-up work with legal counsel and bond-market advisors.
Quote: "The recommendation tonight is to approve the resolution that complete the sale of the 2019 bond series," a district presenter said during the discussion.
Votes at a glance: the roll-call vote was taken after the motion; multiple trustees answered in the affirmative during the roll call as the board adopted the resolution.
