Board is briefed on plan to begin selling voter-approved bonds, up to $70 million in first issue

Bill Homegrren told the board the district will bring a resolution at the next board meeting to set the sale of voter-authorized bonds in motion. The borrowing follows a successful bond referendum to fund school additions and renovations.

Homegrren said the district plans to authorize an initial sale sized to match near-term needs and recommended splitting the overall $139 million program into multiple issues to reduce interest and levy volatility. “If you look on page two…we have here setting up to sell $70 million,” he said.

Shelby, a bond advisor attending the meeting, explained the mechanics and costs of multiple sales—rating fees, bond counsel and other transaction costs—and advised a schedule that aligns sales with construction spenddown to avoid holding large sums and to limit arbitrage risk. She outlined a tentative timetable: pre-sale estimates to the board in August, award of the sale in September and funds available by mid-October.

Board members asked practical questions: What are transaction costs per issuance? How quickly will funds be drawn down? Could the district use general-fund liquidity temporarily and reimburse it when proceeds arrive? Staff confirmed short-term reimbursements are possible under the proposed resolution’s reimbursement clause.

Why it matters: The borrowing finance strategy affects levy forecasting, interest costs and construction cash flow. Board members discussed tradeoffs—issuing more now versus selling in phases to match spending—and asked staff to confirm fee estimates, draw schedules and the impact to the levy before formal approval.

Next steps: The board will consider a formal resolution at the next meeting to authorize sale preparations; staff will return with pre-sale estimates in August and seek authority at the September meeting to award the first issuance.