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District advisers recommend parameters resolution to underwrite $50M campus renovation financing
Summary
Financial advisers told the Cornwall‑Lebanon School District board on April 13 that current market conditions make it a favorable time to seek about $50 million in tax‑exempt bonds for campus renovations and that a “parameters” resolution (maximum $57.5 million) will be presented for board approval April 20 to give the financing team flexibility.
Financial advisers for the Cornwall‑Lebanon School District told the board at a public work session April 13 that they plan to seek roughly $50 million in tax‑exempt bonds to finance high‑school and related campus renovations and will ask the board to approve a parameters resolution at its April 20 meeting.
Garrett Moore of PFM Financial Advisors and Lou Verdelli of Raymond James said the parameters resolution gives the district and its financing team the legal authority to enter the municipal bond market when market conditions are most favorable instead of timing pricing to a specific regular board meeting date. Moore said, “interest rates now are about half a percent less…
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