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District reports bond sale premium and outlines capital‑project timing
Summary
District staff told the legal budget committee that a bond sale closed the morning of the meeting and produced just over $9 million in premium; staff said net proceeds (~$142 million) will fund capital projects but timing depends on permitting and contract schedules.
District budget staff told the legal budget committee that a bond sale closed the morning of the meeting and produced a premium of "just over $9,000,000," with the official closing set for June 3 and net proceeds expected in the range of roughly $142 million. Mr. Kessel said those proceeds are reflected in the capital projects beginning fund balance for the 2026–27 proposed budget and will largely fund the district’s bond‑authorized projects.
Staff cautioned the committee that timing for spending depends on contracting and city permitting—an optimistic spending scenario is reflected in the proposed 26‑27 plan, but actual project starts and cash‑flow are likely to be slower. Mr. Kessel also said not all proceeds will be spent in the next year and many projects will roll into subsequent fiscal years.
