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Newport board authorizes work on $7 million bond after financial-advisors briefing
Summary
The Newport Board of School Directors voted 7–0 to authorize administration to work with PFM Financial Advisors and bond counsel to pursue bond issuance of up to $7 million after a briefing on the district’s debt and market conditions.
The Newport Board of School Directors voted 7–0 on Sept. 9 to authorize administration to work with PFM Financial Advisors, LLC and bond counsel Eckert, Seamans, Cherin & Mellott, LLC on a potential competitive bond issuance to fund up to $7 million in “new money” needs for the district.
Jamie Doyle and Melissa Mays of Public Financial Management gave the board a summary of the district’s outstanding indebtedness, a current market update and an overview of relevant federal tax rules and reimbursement resolutions that affect bond issuance. Jamison Magaro, the district’s director of finance and operations, told the board the district has been managing impacts from the state budget impasse using reserves to date.
The authorization approved by the board directs district administration to work with PFM and bond counsel to structure and, if appropriate, issue bonds via a competitive internet auction to cover capital needs. The motion was introduced by Patrick Shull and carried on a roll-call vote of 7 ayes, 0 nays, 2 absent.
Why it matters: authorizing advisors and bond counsel starts a formal process that can result in new borrowing that affects future debt-service obligations and capital budgeting. District officials said the step is preparatory—further decisions, pricing and formal issuance actions would follow if market conditions and legal reviews support a sale.
The board’s next regular meeting is Oct. 14, 2025; administration will report progress on advisory work and any recommended next steps at future meetings.
