Wayzata packet outlines pre‑sale for $5.5M capital facilities bond to fund building repairs

Ehlers presented a presale report for a proposed $5,500,000 General Obligation Capital Facilities Bond (Series 2025A) to finance improvements and repairs to district buildings, including renovations at West Middle School. The pre‑sale materials explain legal authority (Minnesota Statutes, Chapter 475 and Section 123B.62), proposed term (principal due 2027–2036) and call provisions. The packet recommends a competitive underwriting sale and seeks the board’s authorization to proceed with the sale schedule: due‑diligence and rating activity in late June, distribute the Official Statement in the week of June 30, receive proposals July 14 and a target closing of August 7, 2025.

The presale materials list projected sources and uses (par amount, estimated reoffering premium, estimated fees), an estimated net debt service schedule and an analysis of operating capital revenue impacts. The packet notes the District will covenant to apply for the State credit enhancement (Minnesota Statutes §126C.55) and includes Moody’s rating context; it also underscores that the first year's interest payments will be paid from funds on hand in the debt service fund. The presentation is advisory and documents the proposed timeline; decision items and final sale award would occur at subsequent board action dates included in the schedule.