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District to award $25.6M promissory notes; Baird rep reports 3.85% winning bid from Jefferies LLC
Summary
A Baird representative told the board the district received seven bids for $25.6 million in referendum borrowing; Jefferies LLC submitted the low bid at 3.85%, settlement is scheduled April 22, and repayment runs March 1, 2027 to March 1, 2046.
Jordan Mesnisca of Baird presented the district’s $25.6 million referendum borrowing plan and said the sale drew seven competitive bids. He reported the low bid came from Jefferies LLC at 3.85 percent and that the offering will settle on April 22, when the district receives the proceeds.
Mesnisca said Standard & Poor’s affirmed the district’s AA‑ rating and that the structure mirrors last year’s strategy, with repayment scheduled from March 1, 2027, through March 1, 2046. He told the board the lower interest environment compared with the conservative 5 percent assumption used during planning means the district can expect materially lower interest costs over the life of the issue — he estimated roughly $4.7 million less in interest relative to that planning scenario.
A board member asked for the name of the winning underwriter; Mesnisca confirmed Jefferies LLC. The presenter noted the spread between the top and second‑place bids was very small (about 0.03 percentage points) and that the overall bidding showed a tight book. The board was asked to adopt a resolution to award the sale to Jefferies LLC; a motion to do so was made during the meeting (the transcript records the motion but does not record a roll‑call vote outcome).
The next procedural step is for the board to adopt the formal resolution to accept the winning bid and authorize closing; settlement and funding are scheduled for April 22. The transcript does not record a final vote tally during the meeting.
