Broward County School District to Sell $270 Million In Short-Term Notes

By Josh Beckerman

The School District of Broward County, Florida, is issuing $270 million of tax anticipation notes to provide interim funds for operating expenses, to a buyer that will be chosen in a competitive bidding process based on lowest net interest costs.

The district will receive bids through July 9 at 11:00 a.m. ET, according to a sale notice posted Friday on MuniOS. The bidder will assist the district in establishing the issue price.

The notes are expected to be issued July 25 and mature Jan. 29, 2025. They will be payable from property tax receipts.

Moody's Ratings rated the notes MIG 1.

For the 2023-2024 school year, the district had 251,006 students and about 110,000 adult students. At May 30, it had about 29,637 permanent employees. In July 2023, the district sold $197.45 million of tax anticipation notes.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

July 05, 2024 14:43 ET (18:43 GMT)

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