Saturday, March 22, 2025
On Monday, Feb. 3, the Beloit USD #273 school board adopted the bond resolution, finalizing the bond terms approved by voters in the November 2024.
Clayton Kelley with Piper Sandler presented the financial plan summary. It will continue to provide future flexibility to refinance bonds for savings and other mill levy management strategies.
The plan's purpose is delivering a financing result that ensures the mill levy impact the district's patrons were assured and maximizing the funds available for project construction.
In the bond sale that morning, the Country Club bank's bid won. It includes an interest rate of 3.25 percent for the eight-year bond.
The sale of bonds generated $163,279.85 of additional bond proceeds. This money can be used for capital projects which are in the scope of the ballot question and/or mill levy management.
Because of the issuance of bonds, a nine-mill increase in the bond and interest fund is forthcoming. Based on local bank bids received, estimated investment earnings is nearly $210,000. These come from investing bond proceeds during construction, which is expected to be completed within two years of its start.
