Board authorizes RFP to seek local-bank financing for new athletic field

The Stanley County School Board voted May 14 to authorize staff to issue a request for proposals to local banks to explore financing options for a planned athletic field, saying the measure would preserve flexibility while the district seeks favorable terms.

During a presentation, a consultant advising the district described the tradeoffs between selling bonds on the national market — which can bring lower fixed rates but long lockout and limited prepayment — and soliciting local lenders via an RFP, which typically yields somewhat higher rates but lets the district preserve the ability to prepay. The presenter said an approximately $2,500,000 borrowing over 10 years was the working scenario discussed with staff and that local offers could produce fixed rates in the mid-4% to mid-5% range depending on market appetite. “It’s as secure as it’s gonna be, and we just want the ability to prepay,” the presenter said.

Board members pressed on specifics about prepayment language and whether the authorizing resolution would obligate the district. The presenter repeatedly said the resolution would not bind the board to a loan; rather, it would authorize sending the RFP and, if acceptable offers arrive, allow the designated official to execute closing documents. The board approved the motion by voice vote, with a first and second recorded in the meeting minutes as “1st by Jess, 2nd by Tyler.”

The board and staff framed the action as a step to keep the project on a June closing timetable should competitive financing materialize, while preserving board oversight of final terms.

Next steps: staff will circulate the RFP to local banks, collect proposals, and return to the board with the bids and recommended paperwork before any final commitment is made.