Wayzata board authorizes $100 million Series 2026B bond sale as first tranche of $496 million plan

The Wayzata Public School District board approved a resolution authorizing issuance of General Obligation School Building Bonds, Series 2026B, for approximately $100 million as the first tranche of a voter‑approved $496 million capital program.

Trevor Peterson and municipal advisor Matthew Hammer (Ehlers) told the board the financing plan contemplates multiple bond sales timed to construction draws and to limit arbitrage and interest cost exposure. Hammer outlined a tentative schedule: an August 10 competitive sale with board award the evening of the sale and a projected September 3 closing; subsequent sales were discussed in planning terms for 2028–2030 depending on construction cash‑flow needs and market conditions.

Administrators also explained that some long‑term facility maintenance (LTFM) projects might be financed with bond instruments to create cash available for large near‑term projects while holding debt‑service levels roughly stable. The board discussed call provisions, interest‑rate sensitivity and market timing; Hammer said pre‑sale assumptions included about a 50‑basis‑point cushion and current modeling suggested a true interest cost in the mid‑to‑high 3% to low‑4% range depending on market movement.

The board approved the bond resolution by roll call. Administration said the resolution also included reimbursement bond language to permit the district to reimburse certain eligible capital expenditures already made and that staff will continue to monitor market conditions before issuing subsequent tranches.