Board directs sale of $28.125M in general obligation school capital loan notes after favorable bids

The Linn‑Mar school board authorized the sale of general obligation school capital loan notes series 2026 after Piper Sandler presented competitive bids that yielded favorable terms.

Garrett, the Piper Sandler representative, said the winning underwriter submitted a package with a 3.27% true interest cost and a premium that allowed the district to resize the par amount so that the district will borrow roughly $28.125 million and have approximately $29 million available for project funding. "Very good result," Garrett told the board, saying the district's pricing compared well with recent market sales.

Financial details presented: Garrett outlined the debt schedule and estimated level annual debt service at just under $3.8 million. He described issuance costs, underwriter premium and the timing: the board passed a resolution directing the sale that will be followed by final issuance documents in June and a closing expected June 23, when proceeds will be delivered to the district.

Vote: the motion to approve the resolution directing the sale carried on a roll-call vote with all voting directors recorded as "yes." Board members thanked the administration for work on timing and presentation.

What happens next: the district will finalize issuance documents and close the sale, after which the proceeds will be available to begin planned capital projects. Administration and the finance team will continue to coordinate with bond counsel and the underwriter on closing logistics and on any follow-up work related to indebtedness levels and use of levy capacity.