Kettering district outlines plan to issue about $120 million in short-term notes ahead of bond financing

The Kettering City School District told the board on Tuesday that it plans to issue short-term notes to accelerate work on phase 1 of its master facilities project.

Treasurer Gladwy said the district intends to sell about $120,000,000 in notes in early June to obtain funds immediately and earn interest on those funds while awaiting the full bond sale. “What this does is this allows us to get the money in early June so we can start going forward with the project and earning interest on those funds,” Gladwy said. He described the notes as a short-term instrument that the district expects to repay when the remainder of the bond issuance closes.

The presentation characterized the note sale as a bridge to the larger bond issuance; Gladwy said the bond measure previously passed and that the notes will be paid off from the bond proceeds. The transcript includes the $120 million figure and a reference to a larger remaining bond amount, but the exact outstanding bond total as stated in the meeting record was not clear.

The board discussed the financing during the business services and treasurer segments of the agenda. The transcript records the treasurer’s explanation of the resolution authorizing the issuance of notes, but no formal vote or roll-call outcome on that specific resolution appears in the public segments of the transcript provided.

Next steps the treasurer described include moving forward with the note sale in early June and later closing the bond sale to retire the notes and begin the longer-term bond term.

The board also handled other business that same evening, including first readings of updated policies and recognition of retirees.