Borrowing For Waupun Schools Referendum Improvements Begins

The Waupun School board this week approved a resolution for short term borrowing, beginning the process of financing the improvements voters approved through a $36 million referendum last fall. Financial consultant Michael Clark says the $26 million in short-term borrowing is part of a three-step process designed to get the lowest possible interest rate.  He says the district will lock-in bonds on the long- term borrowing for the $26-million in May and then borrow the remaining $10-million next year.Clark says structuring the financing in phases allows the district to avoid penalties that would impact state revenues to the district. Another resolution that would have hired CG Schmidt as a construction manager was tabled until contract details can be finalized.