Transaction Details

Lindop School District Number 92

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Baird served as the sole underwriter for the District’s $5,235,000 General Obligation Limited School Bonds, Series 2022.

Baird assisted District 92 in a successful Debt Service Extension Base (DSEB) referendum. This successful effort established a new annual revenue stream of $425,000 beginning in levy year 2022 which will grow annually at the lesser of 5% or CPI, like any other DSEB. Through the issuance of the Series 2022 limited tax bonds secured by this DSEB, the District was able to finance much needed capital projects and school improvements. The creation of a DSEB also provides the District the future flexibility to sell additional limited tax bonds without requiring additional voter approval.

The Bonds achieved oversubscription during the order period of 2.5-3.8x on the short end of the maturity schedule. As a result, we were able to reprice the bonds and lowered the rates on the short-end maturities by 2-5 basis points (0.02%-0.05%), which generated $5.2 million for much needed capital improvements to the school building.