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Superintendent reports bond sale terms favorable; CIP ahead of schedule and solar array restored
Summary
Superintendent Dr. Reimer reported favorable terms on a $25 million bond sale, said the $14 million capital-improvement project is ahead of schedule requiring short-term borrowing, and confirmed the district's solar array is back online after a National Grid issue.
Superintendent Dr. Reimer told the Board the $25 million bond sale produced favorable terms that should modestly reduce debt service and align with budget projections. He said the $14 million capital-improvement project (CIP) is slightly ahead of schedule and that administration may use a Bond Anticipation Note (BAN) for short-term cash flow to continue work without delay.
Dr. Reimer also reported the district’s solar array is back in service and that the prior outage was caused by the utility, not district equipment. The administration discussed a proposal for a commemorative sign marking the $25 million project; the cost is approximately $500 from the general fund, and the Board asked for mockups and firm pricing to decide at a future meeting.
On finances, Dr. Reimer said state aid is close to projections, final cost reports were submitted (not yet recognized in aid runs), and the district plans to use some fund balance for year-end purchases (example: a 15‑year mower estimated at $26,000). The Board later approved appointing Lumsden & McCormick LLP as external auditor at $24,000 for 2026–2030 and approved budget and election results for 2026–27 during the meeting.
