Harmony Public Schools board reviews $271 million bond sale that ranked nine bidders

Board members and advisors on Aug. 29 presented the results of Harmony Public Schools’ 2026 bond sale, a competitively marketed transaction sized at about $271 million to fund seven new campus projects, facility reinvestment and to pay down the district’s line of credit. "We were successfully priced around $271 million bond sale for our campuses," a presenter said during the meeting. Financial adviser Drew Mastersonson summarized the sale performance, saying the competitive process attracted nine bidders and the winning bid came from Bank of America, which had pre-sold roughly $140 million of the issue before the bid.

Mastersonson told the board the sale produced a true interest cost around 4.66% (compared with higher rates among other bidders) and that S&P had increased Harmony’s outlook to positive; he said that if the district sustains current performance the rating agency could upgrade the district into the A category within the next two years. Board members praised the finance team and advisors for the outcome and said they intend to continue with competitive sales going forward. The presentation noted the sale’s size and market interest helped attract experienced underwriters and favorable results.

The sale was presented as a financing tool to support planned capital spending and reinvestment across the district; presenters emphasized the transaction reflected the district’s financial discipline and market strength. Board members offered congratulations to staff and advisors on the sale’s outcome and confirmed the board’s intention to continue the competitive-sale approach for future financings.