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Board approves $101.25M in Series 2025 A/B bonds; refinancing yields roughly $1M savings

Blue Valley Board of Education · December 9, 2025
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Summary

The Blue Valley Board unanimously approved Series 2025A and 2025B bond resolutions after municipal advisors reported competitive bids; the refinancing portion produced estimated savings of about $1,000,002.64 and the new-money sale had a lowest true interest cost of 3.779289%.

The Blue Valley Board of Education on Dec. 8 approved resolutions authorizing the issuance of Series 2025A and Series 2025B school bonds following a competitive sale that produced refinancing savings and competitive interest rates.

Jeremy McFadden introduced the results of the district’s competitive bid sale. Dave Arterberry of Stifel Nicolaus, the district’s municipal advisor, told the board the new-money Series 2025A sale drew six bids and the lowest true interest cost came from Morgan Stanley at 3.779289%. The refinancing Series 2025B received five bids, with Bank of America offering a winning bid with an interest cost of 2.699047% for the shorter maturity.

Arterberry said the refunding increased projected savings from earlier estimates; the refunding row on the dealer’s sheet showed the old bonds at about 3.42% and the new rate around 2.7%, producing estimated gross savings of approximately $1,000,002.64. ‘‘That lower rate that I mentioned that we got today boosted the savings, oh, about 4 or $500,000 higher than we had previously been projecting,’’ Arterberry said.

Board members asked technical questions about bid construction and premium differences that affected final issue size; Arterberry explained that variations in bidder construction and premium paid can change the amount of bonds ultimately issued. He said all bids met the bidding parameters and that the successful bidders provided the required good-faith deposits.

A motion to approve the bond resolutions was moved by Jim McMullen and seconded by Clay (board member). The motion passed unanimously by a voice/hand vote (7-0).

The resolutions authorize the district to issue the Series 2025A bonds as the remaining authority from the 2023 bond referendum (new-money projects) and the Series 2025B bonds as a refinancing of outstanding 2015A bonds with a shorter remaining term. Officials said board documents and handouts with bid math are available from district staff and bond counsel for public review.

The board approved the resolutions at the meeting; no amendments were made to the authorizing resolutions on the floor.