Upper Darby SD says 2026 bond settled March 30; administration reports roughly $9.8M net proceeds

The Upper Darby School District Finance & Operations Committee received an update on the district's 2026 general obligation bond issuance, including timing, market context and the planned uses of proceeds.

CFO Craig Rogers said the district completed due diligence in January–February, conducted a Moody’s credit rating interview in February, locked rates between Feb. 24–26 and settled the bond on March 30, 2026. Rogers described the market context and timing as advantageous: the district locked rates immediately before a sharp market spike from March to April. "We really did get very lucky," Rogers said, describing the rate movement that followed the district’s rate‑lock.

Rogers said the issuance was bank‑qualified (a 2026 calendar year bank‑qualified issuance is limited to $10 million), reported an arbitrage yield of 3.97 percent and cited a par amount reported in the presentation; after premiums, discounts and issuance costs he said net cash to the district totaled about $9,800,000. He said the proceeds will be used to finish the Clifton Heights Middle School project and to initiate exploration and early design work for a potential new school/site program at the Delaware County Memorial Hospital property.

Rogers walked the committee through the borrowing plan, historical interest‑rate context and why the timing mattered. Board members praised the administration for locking the rates before the spike and noted the district’s use of a financial adviser and consortium resources to manage risk.

No formal changes to borrowing policy were proposed at the meeting; Rogers said the issuance results will be shared in the final bond close documentation.