Board ratifies Series 2026A bond sale; district projects about $5.9 million in levy savings

The South Washington County Schools Board on Feb. 19 ratified the award of its Series 2026A general obligation school building, facilities maintenance and refunding bonds after financial advisers reported competitive sale results and increased taxpayer savings.

Chris Blackburn, the district’s director of business services, introduced the bond issue tied to voter‑approved authority from November 2023 and said proceeds will fund long‑term facility maintenance projects and refund portions of the district’s 2016 bonds. Jen Chapman, a financial advisor with Ehlers, said seven underwriters submitted bids and Bank of America was the winning bidder with an interest rate of 3.45%. “We received 7 bids this morning and of those 7, the bank of America was the winning bidder on those bonds. And there, the interest rate was 3.45% to the district,” Chapman said.

Chapman and Blackburn told the board the true interest cost came in below presale estimates and that the sale produced a higher premium and a lower rate than anticipated. As a result, they estimated the district’s future property‑tax levy savings rose from a presale estimate of about $3.3 million to roughly $5.9 million. The district participated in a rating program that yielded an AA1 rating on the bonds and an A1 underlying rating with a positive outlook. Chapman said the closing date is March 12 and that the 2016 bond redemption date is April 16.

The board moved, seconded and adopted a resolution ratifying the bond sale by roll‑call vote.

Why it matters: The sale reduces the district's long‑term borrowing cost and is projected to lower future property tax levies for taxpayers while providing funds for scheduled facility and maintenance projects.

Provenance: Presentation and sale details appear in SEG 519–SEG 649; board resolution and roll‑call vote are recorded in SEG 650–SEG 672.