Parkland board approves parameters to pursue up to $35 million in general obligation bonds

The Parkland School District board voted to approve a parameters resolution authorizing the issuance of general obligation bonds with a maximum aggregate principal of $35,000,000, the administration said. The district's financial adviser, Scott Shear of PFM, told the board the team is targeting a net construction fund of roughly $28,000,000 to pay for planned capital projects.

Shear, joined by Ali Mackey of Raymond James and Kevin Reeve of King's Spry, said the resolution sets maximums (principal and interest thresholds) and that the business office and bond counsel will finalize the structure. He said the team intends to lock in interest rates in early January and to close the transaction in late January or early February so funds will be available to pay contractors shortly thereafter.

The presentation included an estimated amortization schedule and debt-service projections. Shear said the district's favorable credit profile and a relatively quiet January market could help lower rates. He emphasized that the board's approval of the parameters resolution is the single formal action required now; subsequent pricing within the approved parameters would not require an additional board vote.

Following the presentation the board moved the parameters resolution and approved it by voice vote with no opposition. The motion and affirmative voice votes were recorded in the meeting minutes and announced from the dais.

Next steps the district outlined include finalizing the preliminary official statement, working with bond counsel to ensure the terms remain within the resolution's caps, and completing the normal pricing and closing steps with the underwriter and business office in January and February.