West Fargo Public Schools (WFPS) is seeking proposals from interested financial institutions to deposit bond proceeds and potentially other district funds during quarter four of 2025.
On August 25th the WFPS School Board authorized the sale of $60 million in general obligation bonds, the first issuance utilizing the $99.7 million debt allowance approved by WFPS voters in February of 2025. The district intends to close on the funds on or around November 1. The district also has additional reserve dollars that may be placed because of received proposals.
On the next page financial institutions will find the minimum and maximum placement amounts. The minimum amount reflects the $60 million in bond proceeds, less construction expenses incurred through October of 2025. The maximum amount reflects the same bond proceeds, plus up to $15 million of general fund operational reserve dollars. The final amounts may be adjusted slightly based on the results of the general obligation bond sale, which is set to take place on September 22, 2025.
The monthly anticipated withdrawal amount, scheduled on or around the 1st of the month, is included on the next page.
Financial institutions are invited to submit proposals using any instrumental structure of their choice, provided the submission reflects guaranteed rates (no variable structures) through May 2027. This may take the form of a guaranteed money market account, laddered CDs, or any other investment instrument that is non-variable through May of 2027. The only acceptable variable proposal would be a fixed rate instrument that is indexed to interest rate changes made by the Federal Reserve Board after November 1, 2025. Institutions should include the total anticipated amount of interest paid in the summary of their proposal; if submitting a Fed indexed proposal, assume no rate adjustments for the purposes of consistent comparison. Should an institution bid and have funds placed at any amount over $60 million, their commitment to guaranteed rates shall expire following the May 2027 withdrawal, at which time any remaining fund earning rates may be renegotiated.
Any questions can be submitted to business manager Levi Bachmeier at lbachmeier@west-fargo.k12.nd.us. Additional information on anticipated construction cost timelines are available upon request.
Proposals will be accepted in physical or electronic format and are considered
confidential until 2:00 PM on Monday, September 29th at which time proposals
will be reviewed and all submitting institutions shall receive a summary of
proposals no later than Tuesday, September 30th. Physical submissions can be
mailed to West Fargo Public Schools, Attention Levi Bachmeier, 2028 2nd Ave
NW, West Fargo, ND 58078 or in electronic format to lbachmeier@westfargo.
k12.nd.us.
Minimum and Maximum scenarios can be found by downloading this Bond Cash Placement RFP Document.
