Board ratifies $17.68 million facilities bond sale to Jefferies at 3.04%

The White Bear Lake Area Schools board ratified the sale of the 2026A general obligation facilities maintenance bonds after hearing a market report from financial advisor Shelby McQuay.

Shelby McQuay told the board the competitive sale drew 14 interested bidders and 10 submitted competitive bids; the low bidder was Jefferies LLC at a yield of 3.04%. "This is a principal amount of $17,680,000 for the facilities maintenance portion only," McQuay said, and she said funds are expected to close on May 7. McQuay also said the district's S&P rating was set at A+, down from AA- in part because of a lower-than-anticipated fund balance.

Board members asked for clearer public materials explaining the district's outstanding debt schedule and maturities. Board member Scar asked for a plain-language bond schedule and offered to work with staff to create a version "readable to a layperson" so the public can see when bonds mature and what levy obligations exist in the coming years.

After discussion, the board moved to ratify the sale; the roll-call vote recorded by the clerk approved awarding the bonds to Jefferies LLC (Thompson Aye; Arcand Aye; Beloyed Aye; Ellison Aye; Scar Aye; Scribe Oji Aye).