Beaver Dam board approves $71 million bond sale; construction update shows middle school under budget

The Beaver Dam Unified School District Board of Education voted unanimously to award the sale of $71 million in general obligation promissory notes to Piper Sandler & Company at a 3.98% interest rate.

"With the lowest bid being from Piper Sandler and company at a rate of 3.98%," a district presenter told the board, calling the rate “very good news” and saying it should keep the mill rate impact under one dollar for borrowing tied to the new middle school and districtwide improvements.

The board also heard a detailed referendum project update from Mike Dietrich, senior project manager for CG Schmidt. Dietrich said Washington Elementary’s kindergarten addition, commons and kitchen work have been completed or turned over and that the middle school foundation and footings are about 90% complete. He described the guaranteed maximum price (GMP) for construction costs as “a little over $68.1 million,” limited to construction-only costs, with other referendum soft costs—design fees, furniture, fixtures and related expenses—accounting for the difference to the original referendum totals.

Dietrich emphasized local economic impact: he said 41 contractors are on the project roster, with roughly 10.5% of contract value planned for firms within 25 miles of Beaver Dam, and projected peak on-site workforce estimates of 150–200 workers, with about 52 local workers expected at peak activity.

Board members asked questions about schedule and contracting; Dietrich said steel erection was expected in early May and that enclosure was targeted for late fall to early winter, with overall construction completion projected for summer 2027.

The board accepted the resolution to sell the notes and took the referendum update as presented. The district will deposit bond proceeds into an interest-bearing PMA account and proceed with the awarded contracts and construction schedule.