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PFM: William Penn SD's 2026 bond sale locked low rates but requires near-term budget adjustments
Summary
PFM financial adviser Melissa Mays told the William Penn SD Finance Committee that the district's 2026 bond sale yielded a 4.04% average rate (the lowest locked since 2020). The sale reduces long-term debt service overall but requires identifying roughly $1.34 million in additional budget dollars in 2027 and smaller amounts in 2028.
Melissa Mays, the district's independent financial adviser with PFM, told the William Penn SD Finance Committee that the district's 2026 bond sale captured unusually favorable market levels and a programmatic AA3 rating that helped lower borrowing costs.
Mays said the issue's yield was 4.04 percent, "the lowest interest rate we've locked in since 2020," and credited the underwriter, Raymond James, for identifying investors who would buy the bonds at attractive levels. She said rates had trended down since…
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