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The Waukesha School District's Trust Fund is the Poster Child Nationwide |
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Saturday, 27 September 2008 |
Timeline of OPEB Trust
10/1/08 Update: Districts Sue for $200 Million lost
updated 4/28/08 Director of Business Services/Comptroller Erik Kass is Leaving the District This follows the retirement of Superintendent David Schmidt announced at the end of January.
May 10, 2006 Board Approved OPEB Trust Fund
Aug 9, 2006 Board approved a $15.7 million borrow for Trust Fund & approved taxing for it. The $15.7 million was to be used as collateral for the Trust Fund.
Nov 14, 2006 Erik Kass (SDW), David Noack-Sr VP, Stifel, Nicolaus & Co Inc, Jane Russell, DEPFA Director (overseas investment house) present Taxable Bond Structures at 5th Annual Great Lakes Public Finance Conference in Illinois.
Nov 27, 2006 Board authorized up to $90 Million in bonds and the purchase of one or more credit linked secured notes by the trust. David Noack, of Stifel Nicolaus is financial advisor.
Jan 10, 2007 Erik Kass, Director of Business Services School District of Waukesha was appointed trustee for the Trust by the School Board.
Mar 29, 2007 Erik Kass (SDW), David Noack-Managing Director Robert Baird & Co present The Path to Bonding for Your OPEB Liability in Florida.
May 9, 2007 Finance and Facilities reported to the board that the district has invest $65 million of a possible $195 Million. This allows them to invest more in the future.
Nov 14, 2007 Finance and Facilities reported again that the trust has a total investment of $65 million.
Jan 9, 2008 The School Board approved a $40 Million borrow for the Trust Fund & approved taxing for it. The $40 million would be used as additional collateral and potentially to payoff the original borrow done in August 2006.
Feb 7, 2008 The School Board and administration were notified that the district owes $13.3 Million in additional collateral (cash) or face default on their $65 Million Trust fund due to plumetting value.
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