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Board approves South Park principal appointment and parameters to issue up to $60 million in referendum notes
Summary
Trustees approved the appointment of a South Park Middle School principal and adopted parameters for up to $60 million in referendum promissory notes; PMA Securities explained customary flexibility in principal scheduling and the board confirmed the debt is referendum-backed, not for operations.
The Oshkosh Area School District board on June 10 approved an administrative appointment and adopted a resolution setting parameters for the potential sale of up to $60 million in general obligation referendum promissory notes.
Appointment: The board approved item 1B to appoint a new principal for South Park Middle School. The motion to appoint was made by Herszog and seconded by Molly Smilick; trustees spoke in praise of the appointee’s district experience as a teacher and assistant principal and extended well wishes in her new assignment.
Promissory notes resolution: The board then considered a resolution establishing sale parameters for not‑to‑exceed $60 million in referendum promissory notes (Series 2026). Eric Cass, director of public finance at PMA Securities, answered trustee questions about structure and flexibility. Cass explained that the resolution lists principal targets for each year but customarily includes up to 10% flexibility on each principal amount to allow the district to respond to day‑of‑sale market conditions and to apply bond premium to principal where advantageous.
Board members clarified the nature of the borrowing: the resolution concerns referendum‑authorized capital debt tied to prior voter approval, not borrowing to fund operations or cover an operating shortfall. Trustees voted to adopt the resolution (recorded in the meeting as “resolution carries”); no detailed roll‑call tallies for the final vote were read into the public record during the meeting’s public session.
What happens next: PMA and district finance staff will proceed with sale preparations within the approved parameters and continue communications with the board about timing and levy implications. The district will use proceeds for referendum-authorized capital projects.
