The Parkland Board of School Directors approved a parameters resolution authorizing the district financial team to borrow a maximum of $50 million to fund the construction and renovation project at the high school.

Director of Communications and Community Development Nicole Mehta McGalla, said the amount will be closer to $40 million.

The larger sum in the resolution creates a “buffer and wiggle room” for the consultants from PFM Financial Advisors LLC and district representatives to work out the best deal for Parkland, McGalla said.

Provided with the parameters resolution, the financial team can monitor the markets and be ready to take action at the most beneficial time without having to return to the board for the go ahead.

McGalla noted the bulk of the loan will go toward the high school project in the Vision 2030 plan, although some funds may be directed to other capital needs.

Parkland borrowed $20 million in 2024 and $28 million in 2025.

The parameters document specifies the estimated useful life of the improvements composing the project will be not less than 30 years. It goes on to say the borrowed amount shall be amortized before the expiration of the useful life of the capital improvements.

Representatives from PFM suggested the district consider refinancing the series of 2020 bonds for a lower interest rate which could yield approximately $85,000 in debt service savings.

The PFM presentation and parameters resolution took place in November 2025.

Before the borrowing, the district has several preliminary steps to take. In February, the district shall send an information packet to Standard & Poor’s and should receive a credit rating in late March or early April. Interest rates should be locked in by April and funds available in May.