Dallas Center-Grimes board accepts JPMorgan bid, directs sale of up to $15 million in Series 2025 bonds

The Dallas Center-Grimes Community School District Board of Directors voted in a special meeting to accept the winning bid from JPMorgan and to adopt a resolution directing the sale of not to exceed $15,000,000 in general-obligation school bonds, Series 2025.

The board heard from Tim, a representative of Piper Jaffray, who told directors that eight firms submitted bids and that JPMorgan27s offer produced an average interest rate of 3.75 percent; he said the second-place bid from FHN Financial came in at approximately 3.76 percent. "Winning bid coming from JPMorgan, out of a New York based securities firm with an average interest rate of 3.75%," Tim said. He recommended the board accept JPMorgan27s bid.

Tim explained that the bond is made up of multiple maturity pieces with different coupon rates (for example, higher coupons in early years and lower coupons later) and that the district27s overall effective interest rate (shown to the board as about 3.76 percent) is the present-value result of those pieces combined. He also described how investor economics and reoffering yields work, noting an example investor effective yield he cited as 2.62 percent. Tim attributed the strong level of bidder interest in part to the district27s credit rating: "You have an excellent bond credit rating, and that has been maintained for [a] long period of time," he said, adding that the rating likely helped attract eight bidders.

Board members asked whether the rate was unusually low; Tim said mid-3 percent levels for 20-year maturities were unusually favorable in the current market and reiterated that the district27s strong credit standing contributed to competitive pricing. He told the board this sale is the first issue of a planned $88,000,000 program and that future issues could be phased over about three years so the district can remain within its levy constraint (Tim referred to the district being under the 4.05 levy limit). He said new property value estimates expected in about a month would inform timing and that he expected to return with updated figures in January or February.

On the agenda, the board approved two formal actions tied to the bond program. For Item 1, Director Dickinson moved to accept the sealed bids for the sale not to exceed $15,000,000; Director Baker Curtis seconded, the board voiced "Aye," and the presiding officer declared the motion carried. For Item 2, Director Vander Velden moved to approve a resolution directing the sale of not to exceed $15,000,000 in general-obligation school bonds, Series 2025; Director Baker Curtis seconded, the board again voted by voice and the motion carried.

The board gave no roll-call vote on either motion; votes were taken by voice and the presiding officer announced each motion carried. The district27s financial advisor indicated the bids were accurately submitted and recommended acceptance of the JPMorgan bid; no amendments or conditions were recorded in the transcript. The board scheduled its next regular meeting for Dec. 17, 2025, at 5:30 p.m., and then adjourned.

Officials and advisers said the next procedural steps are to complete final sale documentation and return to the board with updated valuations and timing details once property valuations are available and project scopes are clearer.