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WEM board reviews presale plan for $12.165 million facilities bonds
Summary
The WATERVILLE-ELYSIAN-MORRISTOWN School Board received a presale report for $12,165,000 in General Obligation Facilities Maintenance Bonds, Series 2025A to fund health, safety and indoor air quality projects. The 20-year bonds cannot be designated bank-qualified because the district is issuing more than $10 million in tax-exempt obligations this year.
The WATERVILLE-ELYSIAN-MORRISTOWN School Board on Jan. 6 reviewed a presale report from Ehlers Public Finance Advisors for a proposed $12,165,000 General Obligation Facilities Maintenance Bonds, Series 2025A to fund health, safety and indoor air quality projects included in the district’s 10-year facilities plan.
Ehlers explained the bonds are proposed for a 20-year term, with principal due Feb. 1 in each year from 2026 through 2045 and interest payable semiannually beginning Feb. 1, 2026. Board members were told that because the district will issue more than $10 million in tax-exempt obligations in the calendar year, the bonds cannot be designated as bank-qualified, a status that can affect interest costs for certain purchasers. No formal sale/issuance action was recorded at the meeting; the presentation served as a presale briefing to inform the board’s financing decisions.
