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Chelsea board approves $26.39 million bond sale; district says taxpayers won’t see rate increase
Summary
The Chelsea School District board unanimously approved a 2025 bond sale resolution for $26,390,000 (Series 3 of the 2018 bonds), awarded July 8, 2025 to J.P. Morgan Securities LLC; district says repayment runs through 2050 from the debt retirement fund with no impact to the current tax rate.
The Chelsea School District WSEC Board on July 14 approved a bond sale resolution that finalizes Series 3 of the district’s 2018 bond program. Superintendent Kapolka told trustees the sale, awarded on July 8, 2025, resulted in a final principal amount of $26,390,000 and was awarded to J.P. Morgan Securities LLC after a competitive public sale with more than 12 bidders.
Kapolka said the bonds carry an interest rate of 4.441% and "the bonds will be repaid over a structured repayment cycle through 2050, with payments made annually from the district's debt retirement fund and no impact to the current tax rate as outlined in the original bond proposal." The board approved the 2025 Bond Sale resolution on a unanimous vote.
Board officials described the sale as consistent with the district’s earlier bond plan and said debt service will be covered by the district’s debt retirement fund. No specific projects tied to this series were detailed in the July 14 public record in the transcript.
The board approved the resolution as Action Item 05-25-26; the district will continue with its planned repayment schedule through 2050.
