The West Bend Joint School District No. 1 board on Dec. 8 approved a parameters resolution allowing the administration to pursue the sale of up to $26,250,000 in general obligation promissory notes tied to projects approved in last month’s referendum.

Assistant Superintendent Lenny Hanson told the board the parameters document fixes key limits for the sale, including an interest-rate cap: “The interest rate cannot exceed 4.75%.” He said the notes will be structured to run about 11 years to 2036 and will be layered with an earlier $80 million sale so long-term repayment aligns with the district’s debt schedule.

The resolution clears the way for a credit-rating call and marketing period that Hanson said would take place over the next month and that the actual note sale is expected in January, with proceeds delivered a few weeks later. Hanson noted the district’s credit rating was upgraded earlier in the year and that favorable market conditions on the prior sale produced lower interest and $8 million in projected interest savings.

Board members asked about checks on releasing referendum funds and invoice review. Hanson described a multi-step pay-application process: vendor invoices are entered by the comptroller, reviewed by the director of facilities, validated against work completed (including owner’s representative review), then reviewed by administration before payment is released. He also said proceeds and interim investments are managed under an existing agreement with American Deposit Management and constrained by state law to federally backed securities and FDIC-protected placements.

A board member moved the resolution and the motion was seconded. The motion carried by voice vote with no opposition recorded. Hanson said the board would likely report the sale rate and final outcome at the board’s second January meeting.

What happens next: administration will complete the parameters paperwork, participate in a rating call with S&P, open the market for bids and return to the board with final sale results once the notes are priced.