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Board authorizes $XX million bond sale after winning bid at 4.21% interest
Summary
The Rock Hills Unified School District board voted to authorize issuance of general obligation bonds (Resolution 2026-012) after staff reported a winning bid at 4.21%; trustees were told lower rates cut roughly $1 million in projected interest over 25 years and were advised to maintain the 7.25-mill levy initially.
The Rock Hills Unified School District board on Monday approved Resolution 2026-012 authorizing the issue and sale of general obligation bonds after hearing that the district’s bond sale drew competitive bids.
District financial advisor Clay McKelly, participating remotely, told the board that five bids came in under 4.5% and the winning bid from Robert W. Baird carried a 4.21% interest rate for a 25-year financing. “All five bids came in at under 4 and 1/2% interest rate,” McKelly said. He estimated that the lower rate reduced the district’s expected interest cost by about $1 million compared with earlier estimates near 5.5%.
The board’s motion to approve the bond authorization was made by Board member Brendan and approved on a voice vote, 6-0. The resolution directs staff to complete signature pages and return originals to bond counsel; staff noted that funds are expected to be available by the district’s June 25 calendar date once paperwork is filed.
Why it matters: A lower interest rate reduces the long-term debt service cost for the district’s capital projects tied to the bond. McKelly recommended the board initially keep the dedicated mill levy at 7.25 mills as committed to voters and review levy decisions in future budget seasons as tax revenues come in.
What the board decided: The board adopted the resolution authorizing bond issuance and directed staff to finalize documents and submit originals to Gilmore & Bell, the district’s bond attorneys. Trustees discussed maintaining the 7.25-mill levy for the first one or two years and reconsidering in future budget cycles given interest-cost savings.
Next steps: Administration will complete signature pages, scan the documents for the finance team, and mail hard copies to bond counsel so funds will be available on the district’s calendar date. The board did not set a separate timeline for any mill-levy changes.
