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Parkland board approves parameters resolution to pursue up to $35 million in bonds to fund capital projects
Summary
The Parkland School District approved a parameters resolution authorizing up to $35 million in general obligation bonds, targeting a $28 million construction fund; financial advisors said pricing is likely in early January with closing late January–early February.
The Parkland School District board approved a parameters resolution Dec. 3 authorizing the district to pursue general obligation bonds with a maximum aggregate principal amount of $35 million, with officials targeting a net $28 million construction fund to pay for planned capital projects.
District financial adviser Scott (PFM), with underwriting and legal partners Allie Mackie (Raymond James) and Kevin Reed (KingSpry), briefed the board on the timeline and structure. The team said the board’s action authorizes maximum parameters — interest-rate caps and size limits — but the actual offering size and final interest rates will be set at pricing, which the team expects to execute in early January with a close in late January or early February.
Scott described prior financing earlier this year and said the district expects an offering size in the neighborhood of $20 million to satisfy near-term needs while maintaining a larger parameters authorization for flexibility. Advisors noted the district’s credit rating and typically favorable January market conditions as reasons to expect competitive pricing.
Board members voted to approve the resolution; the action allows the business office, bond counsel and the financing team to complete the offering documents, finalize draw schedules and move toward pricing once market conditions are favorable.
Next steps described by advisers include reaffirming the credit rating, preparing the preliminary official statement and locking rates at pricing; the district expects funds to be available to pay contractors in late January or early February, subject to market conditions and final sale terms.
