The Concord Board of Education will hold a public hearing on the middle school loan resolution, Monday, January 5, 2026 at 6pm at 38 Liberty Street. The public hearing is the first step in the process to approve financing for the new middle school.

In October, the Board voted to approve the new middle school at 144 South Street, the site of Rundlett Middle School. In its October motion, the Board approved “a gross budget of $168,770,480 inclusive of credits and rebates of $13,058,679 for a net cost of $155,718,801.”

The gross budget includes the entire cost of the project, before accounting for the savings from the early bid package, rebates and tax credits. The project is eligible for tax credits for geothermal heating and cooling, rooftop and canopy solar and utility rebates. The tax credits and rebates are issued after construction and must be included in the total amount.

The Board set a maximum net cost of $155,718,801 after savings from the early bid package, tax credits and rebates, and intends to continue to seek additional cost reductions during the construction project.

District administration is working with Troutman Pepper Locke to follow all the legal requirements for securing financing for the project.

A “loan resolution” is a formal vote that authorizes the District to borrow money (issue debt). The vote to adopt the loan resolution, authorizing the issuance of District debt, will take place at a later date, after a public hearing is held, and is a required step before the district can borrow funds for the project.

Following the initial public hearing, there are several key steps:

• Monday, January 12, 2026* – Hilltop Securities sends a draft “preliminary official statement” on behalf of the District to S&P Global Ratings and requests a rating
• Wednesday, January 14, 2026 - the Board’s Finance Committee will meet to discuss the resolution, review financial options and vote to recommend the loan resolution to the full Board
• Wednesday, January 28, 2026 - the Board of Education will meet to review the Finance Committee’s recommendation, review financial options and vote on the loan resolution
• February 2026
  • S&P Global Ratings will review the District's finances and assign a credit rating, which helps determine the interest rate the District will pay
  • Banks and investors will submit loan offers with proposed interest rates
• March 2, 2026 – District administrators will review loan offers with the Board of Education; the Board will approve an offer and sign legal documents
• April 2026 – Middle school groundbreaking

“The public hearing is an important first step in financing the new middle school. The loan resolution hearing gives our community the opportunity to learn about the financial aspects of this project and the process that will be followed over the next several weeks,” said Pamela Walsh, Board of Education President. District administration will share financial projections during each step of the process.

*Dates are tentative. The Board of Education will review and approve the calendar at its regular monthly Board meeting on Monday, January 5, 2026.

 

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NOTICE OF PUBLIC HEARING

The Concord School District School Board will hold a Public Hearing on Monday, January 5, 2026 at 6:00pm on the following:

1. Vote RE: Appropriation and authorization of the issuance of bonds and notes in the amount of $168,777,480 in order to finance the costs of the replacement and reconstruction of the Rundlett Middle School, including the payment of costs incidental or related thereto‎, and
2. Anything in relation to the appropriation and authorization of the issuance of bonds and notes in the amount of $168,777,480 for the above purposes.

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What is a "loan resolution?"

A loan resolution is the Board's official decision to borrow money. It's similar to when applying for a mortgage or car loan - the Board must formally vote to authorize the District to take out a loan. The resolution includes important details such as how much money the District wants to borrow, what it will be used for (building the new middle school), and how long the District will take to pay it back. This vote is required by law before the District can proceed with borrowing money.