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Wayzata plans $5.5 million Series 2025A bond sale; low bid shows 3.18% TIC
Summary
Ehlerssale-day report recorded 10 bids and named J.P. Morgan Securities LLC as the low bidder for the district's $5.5M Series 2025A capital facilities bonds, with a true interest cost of 3.1753% and estimated deposit of $5.99M to the construction fund; closing expected Aug. 7, 2025.
District finance staff and municipal advisor Ehlers presented the sale-day report for the proposed $5.5 million General Obligation Capital Facilities Bonds, Series 2025A, which the district plans to use to finance capital projects including West Middle School renovations.
Ehlers reported that 10 competitive bids were received and that J.P. Morgan Securities LLC submitted the low bid. The Sale Day Report listed a true interest cost of 3.1753% and showed estimated sources and uses that include a $575,926 reoffering premium and $132,917 of capitalized interest. The sale-day materials state that the net available for project costs after fees and capitalized interest is approximately $6.03 million, and that $5,994,282 is estimated to be deposited to the construction fund.
The municipal-advisor packet notes a Moody's review and that the Districtholds an underlying "Aaa" rating; Ehlers recommended adopting the bond sale resolution and awarding the sale to the low bidder. ‘‘The True Interest Cost of 3.18% is less than the 4.03% estimated in the Pre-Sale Report presented to Board on June 9, 2025," the sale report states. The packet notes a planned closing date of August 7, 2025.
The districtmaterials identify sources and uses, bid tabulations, net debt-service schedules and supporting exhibits and recommend the board adopt the final resolution authorizing issuance, awarding sale and prescribing bond details. The meeting materials include forms and certificates the board would sign if it adopts the sale resolution.
