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Antigo school board approves final $20 million bond sale from 2024 referendum; adviser says levy should remain flat
Summary
The Unified School District of Antigo voted unanimously to award a $20 million series 2026 promissory note sale, concluding the district's referendum borrowing. PMA Securities said the winning bid carried a 4.25% true interest cost and projected the district's levy impact would remain essentially flat under the financing plan.
The Unified School District of Antigo Board of Education voted unanimously on July 27 to approve a resolution awarding the sale of $20,000,000 in general obligation promissory notes, series 2026, the final issuance authorized by a November 2024 referendum.
Eric Cass, director of public finance at PMA Securities, summarized the competitive bidding process and market context. He told the board the district received four credible bids and recommended TD Financial Products LLC as the winning bidder with a true interest cost of 4.25%. "This is the final $20,000,000 from the November 2024 referendum," Cass said, noting principal maturities run from 2027 through 2046 and the scheduled closing would make funds available Aug. 10, 2026.
Cass explained the financing plan the district used to smooth levy impacts. "Our goal is to flatten out the levy required to pay debt," he said, adding that the district's plan projects a relatively steady annual levy to repay the bundled $54 million of referendum debt.
Board members asked technical questions about arbitrage rebate rules, which can apply to tax-exempt issuances that exceed $15 million in a calendar year. Cass said the district had structured prior issuances to take advantage of the $15 million exemption in 2024 and that the current issuance is expected to be spent in timeframes that mitigate significant arbitrage liability. He also confirmed the market's pricing context: "The winning bidder's true interest cost was 4.25%," Cass said.
After several members asked about bid timing and the district's credit position, the board moved to a vote. The presiding officer announced the resolution passed unanimously.
What happens next: with the resolution approved the district will proceed to closing and receive funds on the date presented by counsel and bond counsel. The first interest payment on the new notes is scheduled for March 2027, and board members said the district will continue to monitor refinancing opportunities and levy impacts at future meetings.
Provenance: The board's presentation and the vote are recorded in the meeting packet and discussed during the board action item on the sale of general obligation promissory notes (presentation began with the item announcement and Eric Cass's report to the board). The motion was read and the vote recorded by the presiding officer at the end of the presentation.
