Area residents who want to purchase bonds for the new Lewiston High School will have the chance starting May 31 -- an offer Lewiston, Idaho, resident Don Lloyd said he intends to take advantage of. Lloyd appealed to the Lewiston School Board, during public comment Monday, to allow patrons to buy bonds, as had been discussed by the board previously.
"I've got my money ready to go," he said. "Give me a chance."
Board President Brad Rice advised Lloyd to stick around for the rest of the meeting to hear some good news.
Danielle Quade of The Hawley Troxell law firm in Boise then reviewed bond information with the board, including sale dates of May 31 for individuals and June 1 for general sales. The board approved half a dozen policies to ensure compliance with laws and tax rules regarding the imminent bond sales.
Four local investment firms -- D.A. Davidson, Edward Jones, Stifel Investments and Morgan Stanley -- will handle the sales, Quade said.
Prices the first day are expected to start at about $5,000 and be capped at $500,000. An ad campaign will encourage Lewiston and Nez Perce County residents to participate in the first day of the sale -- with the exception of board members and school district staff members who worked on the bond details.
"You can't make money off of the sale of the bonds," Quade advised board members.
Superintendent Bob Donaldson, district business manager Kathy McPherson and school board members Sheri Allen and Brad Cuddy traveled to San Francisco last week to meet with representatives from Moody's, who will determine the district's bond rating and thus the bonds' interest rates.
"It felt like we did some good," Cuddy said. "I think it may have some favorable impact."
Allen said one representative was so impressed with the group's presentation, she said she wanted to visit Lewiston.
The target date for having a rating is next Monday, McPherson said. The decision originally was to come earlier, she said, but "the presentation spurred them to dive deeper into analysis."
The more detailed review will explore growth in the Lewiston School District's market area, including the sale of St. Joseph Regional Medical Center last week, she said.
