Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bonds topic
No spam. Unsubscribe anytime.
District to pursue negotiated sale for facility-maintenance bonds, officials say
Summary
The district told the board it will pivot to a negotiated sale, rather than a competitive sale, for its long-term facility maintenance bonds so leaders can present district context to investors and pick market timing; PMA will issue an RFP for an underwriter.
At the Sept. 16 meeting, district finance staff told the board that the previously adopted resolution authorizing long-term facility maintenance bonds (Series 2024A) will be executed via a negotiated sale rather than a competitive sale. The change is intended to allow the district and underwriter to present local context to potential buyers and choose timing responsive to market conditions.
The presenter said the district anticipates an adjustment to its credit rating and that a negotiated sale will better allow the district to "tell our story," select the day of sale that offers favorable market conditions and engage a chosen underwriter; PMA will issue a request for proposal to select the underwriter. The board asked for the negotiated-sale decision and timeline in writing; administration agreed and said documentation and timelines will be provided prior to sale activity.
No final sale date or pricing was announced; the board will receive a timeline of remaining steps before closing.
