By SUSAN RUMBLE

Special to The Press

In early 2024, Parkland School District borrowed $20 million to apply to the under construction Operations Center under construction and to provide funds for the initial stages of the high school expansion project.

Now, more is needed to find the remaining work at the Operations Center, to continue with design of Vision 2030 building projects, to pay for bus replacements, and to cover various capital projects throughout the district in summer 2025.

At a Nov. 11 committee meeting, Garrett Moore, senior managing consultant from PFM Financial Advisors LLC, supplied information on how the district can proceed to borrow $25 million to $28 million for the anticipated funding needs.

He recommended a board approved parameters resolution which would give the financial team flexibility “to enter the market when it’s advantageous,”

Parkland has used this procedure successfully many times to enable district officials and PFM personnel to watch for just the right rates, then proceed without having to wait for another board meeting for authorization.

Moore explained the total in the parameters resolution is the maximum amount which may be borrowed, but the actual loan will be lower.

At the Dec. 3 board meeting, school directors granted approval to a parameters resolution in the maximum principal amount of $35 million with the intention of borrowing in the $25 million to $28 million range.

Moore noted the district can borrow more or less based on interest rates.

With approval of the parameters resolution, the financial team can move ahead to receive a credit rating and proceed with a preliminary official statement before pricing,

Moore’s timetable indicates the bond sale to lock in interest rates in December with anticipated settlement in January 2025.

At the committee meeting, Business Manager Leslie Frisbie projected an increase of $1.4 million in debt service for the 2025-26 budget.