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Board approves $45M promissory notes; auditors warn fund balance below policy
Summary
The board approved awarding the sale of $45 million in general‑obligation promissory notes after receiving market bids and a rating update; external auditors gave a clean opinion on the financial statements but noted the district's fund balance sits below the board's 15% policy target and that a federal single audit remains to be finalized.
The Wauwatosa School District Board voted March 23 to award the sale of $45,000,000 in general obligation promissory notes to finance approved referendum projects.
Financial advisers said seven bids were received and the low bid was accepted; the district's total interest cost on the financing was reported as lower than anticipated. "We did receive 7 bids... Northland Securities was the low bid," a financial adviser said during the presentation. The settlement (closing) date was set for April 9 and the…
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