April 2018 Update
At the April 9, 2018 board meeting, Scott Kramer with RBC Capital Markets and John Frey with PFM presented on swap opportunities to finance the building project. In order to effectively plan and manage debt service, the Board of School Directors decided to execute two cash settled forward interest rate swaps for a total of $80,000,000. The School Board has determined that executing the swaps was in the best interest of CV in order to manage the interest rate risk on the future issuance of the bonds. The purpose of executing the swaps is to provide a more predictable debt service amount payable each year on the bonds and to hedge the School District against possible rising interest rates. The board unanimously approved the swap resolution at the April 16, 2018 board meeting.
At the April 16, 2018 board meeting, Phyllis Heverly Flesher and Ken Johnson led a discussion with the school board regarding hiring a construction manager for the building project. Their recommendation to the board was to issue an RFP with a prebid meeting to explain the project and timeline, and have interested parties present to the district a recommendation for the best path moving forward. The school board affirmed this recommendation.