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Pewaukee board approves $9 million promissory note sale to start referendum work; district keeps flexibility for 2025 phase
Summary
The Pewaukee School District board authorized the sale of $9 million in general obligation promissory notes as the initial phase of referendum-funded capital projects, accepting BOK Financial’s winning bid and affirming a Aa2 credit rating; staff said borrowing costs are lower than referendum projections.
The Pewaukee School District board on Monday approved a resolution awarding the sale of $9,000,000 in general obligation promissory notes to begin financing capital projects approved by the April 2, 2024 referendum. Financial advisers reported seven bids and recommended the low bid from BOK Financial at 3.718 percent.
District advisers told the board the notes are being issued in two phases to match the expected project draw schedule, manage arbitrage rules and…
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