Dec. 10, 2016 – Kewaskum, WI – Washington County has partnered with the Kewaskum School District. According to a release from Jamie Ludovic Central Services Director the County will purchase $8,900,000 worth of Bond Anticipation Notes from the District to help finance its recent referendum.
According to the District, proceeds of the County’s notes will be used to provide interim financing for a portion of the cost of site improvements, new construction, renovation and modernization of Kewaskum Middle School and Kewaskum High School and acquiring furnishings, fixtures, and equipment related to the same.
On November 8, 2016, voters in the Kewaskum School District voted to support the issuance of general obligation bonds in an amount not to exceed $28,420,000.
“We are thrilled to have the opportunity to work with Washington County on the first phase of the District’s referendum financing,” said Kewaskum School District Superintendent James Smasal.
This is such a great example of intergovernmental cooperation and more positive news for our community after their support for the referendum. Our hope is to continue to foster these relationships that will build on our community’s success,”
“This partnership is an absolute win-win for the citizens of Kewaskum and Washington County,” added County Administrator Joshua Schoemann.
According to Washington County Finance Director Margaret Hamers, the interest rate associated with the deal is 1.15%, meaning Washington County will receive more than its initial investment when the notes have matured.