Alma board authorizes filing for 10-year second-lien bond, raises 'do not exceed' amount to $3 million
January 10, 2026 | ALMA SCHOOL DISTRICT, School Districts, Arkansas
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The Alma School District Board of Education voted to file an application to issue a 10-year second-lien bond to finance the district’s share of partnership facility projects and amended the resolution to set a $3,000,000 "do not exceed" limit.
District administrators recommended the second-lien option on page 23 of the packet, saying it would fund roofing, electrical and plumbing for partnership projects and allow the district to obtain a state funding allocation in May. A district presenter told the board the state estimate to update HVAC across schools is $14,000,000, with the state covering almost $11,000,000 and the district’s portion "a little over 3" million dollars.
Jason from Stevens, the financial advisor at the meeting, outlined typical bond features and market context, including call/redemption provisions and the state enhancement program that supports Arkansas school bonds. "Arkansas school bonds are some of the most attractive in the state," Jason said, noting credit enhancements that make the issues attractive to investors and pointing to multi-year growth in assessed value that generally strengthens borrowing capacity.
Board members debated whether the original "do not exceed" figure on the resolution should be increased to cover additional items identified during project scoping, particularly playground equipment. A board member said playgrounds have been discussed "for a lot of years" and argued the amendment would allow the district to pursue larger-scoped upgrades if needed. District staff described a planning guideline of roughly $1,000 per child for comprehensive playground installations and said costs can be scaled if final bids are lower.
The board carried a motion to recall and amend the earlier resolution and then adopted an amended resolution with a $3,000,000 not-to-exceed cap. Board members and staff said the amount is a ceiling for the application and that the district will scale actual projects to match final bids; the administration will file the application before the department deadline and return with final pricing when competitive bids and market terms are available.
Next steps: Stevens will file the department application and return to the board with auction results and any recommended adjustments before the district completes a bond sale or closes financing.
District administrators recommended the second-lien option on page 23 of the packet, saying it would fund roofing, electrical and plumbing for partnership projects and allow the district to obtain a state funding allocation in May. A district presenter told the board the state estimate to update HVAC across schools is $14,000,000, with the state covering almost $11,000,000 and the district’s portion "a little over 3" million dollars.
Jason from Stevens, the financial advisor at the meeting, outlined typical bond features and market context, including call/redemption provisions and the state enhancement program that supports Arkansas school bonds. "Arkansas school bonds are some of the most attractive in the state," Jason said, noting credit enhancements that make the issues attractive to investors and pointing to multi-year growth in assessed value that generally strengthens borrowing capacity.
Board members debated whether the original "do not exceed" figure on the resolution should be increased to cover additional items identified during project scoping, particularly playground equipment. A board member said playgrounds have been discussed "for a lot of years" and argued the amendment would allow the district to pursue larger-scoped upgrades if needed. District staff described a planning guideline of roughly $1,000 per child for comprehensive playground installations and said costs can be scaled if final bids are lower.
The board carried a motion to recall and amend the earlier resolution and then adopted an amended resolution with a $3,000,000 not-to-exceed cap. Board members and staff said the amount is a ceiling for the application and that the district will scale actual projects to match final bids; the administration will file the application before the department deadline and return with final pricing when competitive bids and market terms are available.
Next steps: Stevens will file the department application and return to the board with auction results and any recommended adjustments before the district completes a bond sale or closes financing.
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