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Washburn board approves parameters to borrow up to $4.48 million for referendum projects
Summary
The Washburn School District board approved a parameters resolution authorizing up to $4,480,000 in general-obligation promissory notes to complete projects from last year’s referendum; Baird presented financing assumptions and a timeline to sell bonds and close in early 2026.
The Washburn School District board on Dec. 9 voted to approve a parameters resolution authorizing district officials to issue general-obligation promissory notes not to exceed $4,480,000 to fund the remaining work approved in last year’s referendum. The motion passed by voice vote after a presentation by Kevin Mullen of Baird, the district’s financial advisor.
Mullen told the board that the district previously borrowed roughly $9.95 million and has authority remaining to borrow "$4,400,000, $4,480,000, that has yet to be borrowed." He reviewed a 20‑year historical interest‑rate chart and said current market rates leave the district well positioned to keep annual taxpayer impact at or below the $0.99 target used in the referendum planning. "We anticipate our total borrowing cost will come in actually at 4.39%," he said, describing that figure as a planning estimate that could lower long‑term interest costs compared with prior assumptions.
The parameters resolution sets the maximum principal (not to exceed $4,480,000), authorizes maturities from late 2026 through March 2046, and allows the board president and superintendent to sign financing documents that fall within the stated parameters. Mullen said staff and bond counsel will complete documentation through mid‑January, market the bonds and expect final interest rates and a closing in early April 2026.
Board members asked about public communication once interest rates are set; Mullen recommended reporting finalized rates and the full financing plan back to the community. Administration later confirmed preliminary bid tabulations on related referendum construction work were under budget and that phasing work and packing for building moves will begin next semester.
The board’s vote on the resolution was a voice vote recorded as "Aye" and the motion carried. No roll-call tally was read into the record.
What’s next: staff will finalize financing documents with bond counsel and report sale results to the board after the bonds are sold. Administration also continues to refine construction phasing and will post updates as project milestones are reached.
