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Board awards $10.54M facilities maintenance bond sale; advisor reports 4.12% true interest cost
Summary
The board approved a resolution awarding a series of general obligation facilities maintenance bonds in a principal amount of $10,540,000; Ehlers reported a single bid from Baird with a 4.12% true interest cost and shorter (14‑year) term that reduces lifetime principal and interest by $7.1M versus prior estimates.
Jody of Ehlers summarized the sale‑day report for the board and recommended awarding the general obligation facilities maintenance bonds. She told the board the district received one bid from Baird and that the awarded true interest cost was 4.12%. "We did get a really good bid, at 4.12%," she said, and noted the market context and the district's underlying rating as reasons some underwriters did not bid separately.
The board adopted a resolution awarding the sale of the bonds (Series 2026A, original aggregate principal amount reported as $10,540,000) and completed a roll call vote of 5–0. The sale materials discussed a targeted construction deposit of about $10,675,000, an initial interest payment funded from on‑hand debt service funds of $1,184 (rounding adjustment), and a shortened 14‑year term that Ehlers said reduced principal and interest by $7,100,000 over the life of the issue compared with the previously submitted schedule.
