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Board weighs up to $150M in COPs financing; members split on including North End school
Summary
PFM and district staff presented options for a potential 2026 Certificates of Participation issuance to accelerate schools and facilities work; board debated covering North End Elementary with COPs vs. relying on sales tax or appropriation, and bond counsel clarified IRS three‑year spending expectations.
District financial advisers presented a potential Certificates of Participation (COPs) issuance to fund major projects including a proposed North End elementary replacement, a Booster Stadium and a new central office. Laura Howell of PFM described a structure that could mix sales‑tax proceeds and the district’s 1.5 mill capital levy to amortize debt and reduce interest expense; she said a sale could be marketed in November with a December close if the board moves ahead.
Board members split over whether to include the North End school in COPs. Several members said the project should rely on sales tax proceeds or a state appropriation instead of bonding; Dr. Campbell said, “I disagree with putting a north end school at all on a new COPs.” Bond counsel George Smith told the board the Internal Revenue Service expects a district to have a reasonable expectation to spend borrowed funds within three years and to provide a draw schedule. The board asked staff to return with a prioritized list of projects, clearer timing and a recommended financing package to consider at future meetings.
