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What Happens After Bonds are Issued for the Project?

Issuing Bonds

Once a bond issue is approved, school districts must begin the steps to issuing bonds. Part of this process is to evaluate the timing of a bond issuance. This involves many factors, such as when funds need to be available to facilitate planning activities, the ability to expand funds as required by IRS regulations, current anticipated economic conditions and the ability to meet millage goals.  The district is committed to maintaining the millage requirements that were promised during our bond campaign.


Along with district leadership, a team is assembled to help with the assessment, preparation and issuance of bonds. This team commonly includes a bond counsel, municipal advisor and underwriter, who each bring a different area of expertise to the process:


  • A bond counsel helps to prepare all the documents and ensures the process of issuing the debt is done properly.  Our district works with the firm Bricker and Eckler, LLP, for these services.

  • A municipal advisor provides advice with respect to the structure, timing, terms, call provisions and other matters related to both the process and issue. By the very nature of its business, this organization has a responsibility to look out for the interest of the district and provides great expertise in providing calculations and scenarios to make informed decisions. We work with H.J. Umbaugh and Associates as our municipal advisors.

  • An underwriter offers advice throughout the process and is the entity that sells the bonds to investors on pricing day. This group also agrees to purchase any remaining bonds that are not sold.  The district has been working with Stifel as our underwriter for the bond issuances.


Issuing bonds requires hard work by all involved parties to provide an appealing offer to banks, insurance companies, and other institutional buyers to invest in our community.