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Fairfield board approves resolution to back $23.5 million in school infrastructure revenue bonds
Summary
The Fairfield Community School District board voted to support issuance of approximately $23.5 million in sales-tax revenue bonds and approved associated engagement, advisory and disclosure agreements to advance a bond sale; the district also confirmed electronic bidding procedures and the preliminary official statement.
The Fairfield Community School District Board of Directors voted to approve a resolution supporting the issuance of approximately $23,500,000 in school infrastructure sales, services and use tax revenue bonds and to move forward with related documents and advisors.
Board members moved and seconded the resolution and completed a roll-call vote in which all members present voted to approve the action. The board also approved an engagement letter for the bond sale, a financial advisory agreement and a dissemination/disclosure-agency agreement with Piper Sandler, and the board approved the preliminary official statement needed to market the bonds.
Board members additionally approved a separate resolution fixing the date of sale, authorizing electronic bidding procedures and adopting the official statement for the SAVE bonds. The board noted the timing of the bond sale will intersect with the district’s financing plan; the strategic planning materials referenced a public meeting on the bond sale scheduled for April 7 at 1:30 p.m. and noted an interest-only payment in December 2026 followed by the first principal payment on June 1, 2027.
Finance committee members told the board the district recently secured a Single A+ credit rating from S&P Global, which officials said should help keep borrowing costs favorable. Officials said consultants and financial advisors are finalizing required disclosures and budgets in advance of the sale.
The board also approved related professional-service amendments and contracts that the district said will allow the firms to begin work and be compensated as services commence. Several contract and policy motions were handled later in the meeting.
The board did not receive public comment on the bond issuance during the hearing portion of the meeting; the public hearing on the bond issuance was opened and closed with no speakers.
