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Cary CCSD 26 schedules June 1 bond sale to issue $5.2 million remaining from referendum; parameters resolution set for next week
Summary
PTMA told the Cary CCSD 26 committee of the whole that about $5.2 million in referendum bond proceeds remain to be issued; a parameters resolution valid six months will be presented next week and the district is targeting a June 1 sale while monitoring market volatility.
The Cary CCSD 26 committee of the whole on Monday heard a presentation from PTMA outlining plans to issue the remaining roughly $5.2 million of referendum bond proceeds and a recommended timeline for a sale.
PTMA representative Tammy Shalommo told the board the district issued about $14 million in bonds after the 2024 referendum and that roughly $5.2 million remains under the referendum authority. The firm compared the referendum'era tax-rate estimates, the 2024 sale outcome and the actual 2024 equalized assessed value, showing the bond-and-interest portion of the levy produced estimated tax-bill reductions ranging from about $63 to $171 depending on a home's market value.
"We are slating June 1st to sell your bonds," Shalommo said, adding the board will be asked next week to approve a parameters resolution that is valid for six months. She said PTMA and district staff will monitor market conditions closely in the days leading up to any sale and could delay if market-moving events occur.
Mr. Shepard, who introduced the presentation, reviewed the debt-service charts PTMA used and said the plan is to layer a 2026 series so aggregate debt-service payments are approximately level across the life of both series. PTMA noted that short-term muni yields were close to where the district sold in 2024 while longer-term rates remained somewhat higher, and that recent geopolitical events have contributed to short-term volatility.
The presentation did not include a formal vote on a parameters resolution; the board was told the resolution will appear in next week's packet for approval. PTMA and district staff said they expect to complete any required credit-rating update before sale and that proceeds are intended to be available before the end of June so projects can continue.
Next steps: the board will consider the parameters resolution at its next meeting; if approved, the resolution will give staff flexibility to execute a sale within the six-month window while continuing to watch market conditions.
