October 12, 2026 - Board Work Session

The Sherwood School District Board held a work session on October 12, 2026, with Piper Sandler to review pension obligation bonds (POBs). The presentation explained the potential savings and risks of borrowing to fund a PERS contribution, including investment volatility and possible cash-flow impacts. The district’s prior POBs have generated an estimated $7.5 million in savings through the end of 2024, but the presenter said current borrowing rates were unfavorable and advised against issuing bonds under present market conditions. The board discussed preparing a resolution setting a maximum borrowing rate so the district could be ready to proceed if market conditions improve; no vote or formal authorization occurred. The district planned to revisit market conditions at its November 16 meeting, with a possible bond sale targeted for late January and closing in mid-February if it proceeds.

The presentation identified an already-paid $2,500 Echo Northwest assessment, which includes additional assessments through June 2028, and a potential nonrefundable $2,500 fee for Milliman analysis. Other issuance costs, including a bond-rating fee, would be considered closer to a sale; estimated total fees were about 1.5% and could be financed through the bond issue. Board members expressed support for hiring a financial adviser, potentially together with other school districts, to assist with technical documents and provide guidance. The adviser would be paid only if bonds were sold; this was a stated preference, not a formal selection or vote.