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Board adopts parameters to sell up to $10.9M in notes to complete facilities project
Summary
The Waterford Union High School Board adopted a resolution setting parameters for the competitive sale of up to $10.9 million in General Obligation Promissory Notes, Series 2026, to finish a voter-approved facilities project; the measure passed by roll call (all ayes).
The Waterford Union High School Board on Jan. 19 authorized parameters for the competitive sale of General Obligation Promissory Notes, Series 2026, for a maximum principal amount of $10,900,000 to pay the remaining costs of a district-wide facility improvement project approved by voters in a Feb. 18, 2025 referendum.
PMA Securities' Director of Public Finance Charlie Verbos told the board the plan complements $14 million already issued and aims to meet construction cash-flow needs while preserving flexibility for future projects. The resolution limits the notes to a 20-year term and caps the true interest cost at 5.00%. The district set a competitive sale date of Feb. 9, 2026, and an anticipated closing of March 2, 2026.
The board adopted the resolution by roll call: Beck — aye; Datka — aye; Purtell — aye; Schoenfeld — aye; Schwartz — aye. The resolution text attached to the minutes records the Feb. 18, 2025 referendum results (2,323 YES; 1,840 NO) and pledges the district's full faith, credit and an irrepealable tax levy to repay debt service. Mr. Verbos noted the action is procedural and "does not authorize debt beyond the original referendum limits."
