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Board certifies referendum results and authorizes initial debt issuance to fund projects
Summary
The board received the official canvass showing the referendum passed (Yes 42,130; No 21,696) and approved resolutions authorizing parameters for up to $14 million in tax-exempt promissory notes and up to $33 million in taxable promissory notes as initial financing tied to the 2024 referendum. Advisors discussed arbitrage rules and timing to lock rates before year-end.
The Green Bay Area Public School District Board of Education on Nov. 25 accepted the canvass of Nov. 5 referendum votes and voted to authorize initial financing to begin paying for projects approved by voters.
A canvasser’s statement read by a board member certified the referendum totals: Yes — 42,130; No — 21,696. "We certify that the attached tabular statement of votes cast ... are correct and true," the canvass statement said.
In action later at the meeting, the board approved a resolution establishing parameters for the sale of tax-exempt general obligation promissory notes not to exceed $14,000,000. District finance staff and an advisor from Baird explained the financing plan and what the small-issuer rules mean for spend-down windows and arbitrage. An advisor said the $14 million figure keeps the issue under the small‑issuer threshold that allows a three-year period to spend the funds without incurring the more stringent two‑year targets that apply once a calendar-year issuance exceeds the exemption level.
"So the $14,000,000 issue would allow you to [have] 3 years to spend the money," the advisor said, explaining the rationale for the structure.
The board also approved a separate taxable note resolution authorizing up to $33,000,000 in taxable promissory notes to be used as part of the initial financing strategy. District staff said the taxable piece would likely be short term and repaid as the district collects the tax levy proceeds; using a taxable note avoids arbitrage concerns for that portion of the financing.
Board members asked about interest-rate locking, repayment schedules and the potential length of later phases. Finance staff said they are working to finalize amounts and timing and will return to the board with further details as bids, market conditions and draw schedules are clarified.
Both financing resolutions were carried by recorded online votes; the meeting record shows the motions carried with all board members voting in favor.
