Perkiomen Valley board authorizes staff to proceed with $9.465 million bond financing
May 13, 2024 | Perkiomen Valley SD, School Districts, Pennsylvania
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The Perkiomen Valley School District board voted to authorize staff to proceed with a $9,465,000 bond issuance intended to finance new construction and other bank‑qualified projects.
Jamie Doyle of PFM, the district's outside finance advisor, told the board the issue would be "in the amount of 9,465,000" and explained the transaction would rely on the small‑issuer rules that apply to issues below $15,000,000. Doyle said the district must meet standard bank‑qualified tests — including spending roughly 85% of proceeds within three years and entering a "substantial binding obligation" to spend at least 5% within six months — and recommended a parameters resolution to allow staff to act on favorable market timing. "If we have the sale June 11, that means settlement could be around July 16," Doyle said when outlining the proposed schedule.
The financing presentation included a sample amortization showing a "wrap‑around" structure meant to level overall debt service as older obligations run off. Board member comments noted potential energy‑savings offsets from planned ESCO work (window and thermal‑unit replacements and high school projects) that could reduce net debt service; a board member asked that those projected savings be shown in a later column of the financing exhibits.
After questions, a motion to authorize the finance team to prepare paperwork and present a parameters resolution at the June 10 voting meeting carried on a voice vote. The motion authorizes the district and its finance team — as Doyle described them, including bond counsel Fox Rothschild and PFM — to move forward with documents necessary for a competitive sale, with final sale timing dependent on market conditions and board approval of formal parameters.
What happens next: Board staff and advisors will prepare the parameters resolution and bond documentation for the June 10 meeting. If the board approves parameters then and the market is favorable, the district could hold a competitive sale as soon as the day after the June 10 meeting with settlement to follow in mid‑July, when construction funds would be deposited and available for project invoices.
Jamie Doyle of PFM, the district's outside finance advisor, told the board the issue would be "in the amount of 9,465,000" and explained the transaction would rely on the small‑issuer rules that apply to issues below $15,000,000. Doyle said the district must meet standard bank‑qualified tests — including spending roughly 85% of proceeds within three years and entering a "substantial binding obligation" to spend at least 5% within six months — and recommended a parameters resolution to allow staff to act on favorable market timing. "If we have the sale June 11, that means settlement could be around July 16," Doyle said when outlining the proposed schedule.
The financing presentation included a sample amortization showing a "wrap‑around" structure meant to level overall debt service as older obligations run off. Board member comments noted potential energy‑savings offsets from planned ESCO work (window and thermal‑unit replacements and high school projects) that could reduce net debt service; a board member asked that those projected savings be shown in a later column of the financing exhibits.
After questions, a motion to authorize the finance team to prepare paperwork and present a parameters resolution at the June 10 voting meeting carried on a voice vote. The motion authorizes the district and its finance team — as Doyle described them, including bond counsel Fox Rothschild and PFM — to move forward with documents necessary for a competitive sale, with final sale timing dependent on market conditions and board approval of formal parameters.
What happens next: Board staff and advisors will prepare the parameters resolution and bond documentation for the June 10 meeting. If the board approves parameters then and the market is favorable, the district could hold a competitive sale as soon as the day after the June 10 meeting with settlement to follow in mid‑July, when construction funds would be deposited and available for project invoices.
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