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Board approves $10.9M bond sale to fund construction; rate reported at 3.88%
Summary
The board acknowledged sale of up to $10.9 million in General Obligation Promissory Notes, Series 2026, to Brownstone Investment Group at an all-inclusive interest rate of 3.88%. The district cited its Aa Moody's rating and received seven bids for the competitive sale.
The Waterford Union High School Board acknowledged the sale of General Obligation Promissory Notes, Series 2026, for a maximum principal amount of $10,900,000 during its Feb. 16 meeting. Superintendent Francois told the board the District’s Aa Moody’s rating and strong financial position drew seven competitive bids; the board recorded an all-aye roll-call and approved the sale to Brownstone Investment Group at an all-inclusive cost of 3.88% interest.
Board member Gary Beck moved to formally acknowledge the sale; Kelly Datka seconded. The minutes record a unanimous roll-call vote (Gary Beck, Kelly Datka, Dennis Purtell, Mike Schoenfeld and Doug Schwartz voting yes). The notes state this borrowing represents the remaining portion of the authority approved by voters in the Feb. 18, 2025 referendum and is intended to fund ongoing construction work described elsewhere in the meeting.
