Committee members pressed district staff for clearer numbers and amortization schedules for proposed borrowing involving Tax Anticipation Notes (TANS) and Certificates of Participation (COPS), saying current board documents do not show whether the PI forecast payment covers combined debt service.

A committee member said the board packet should show the interest rate and the low and high borrowing scenarios. "TANS are 10 years," the Committee member observed; staff said the spreadsheet referenced a 5% interest rate for some calculations. The committee noted the district's PI forecast includes an annual payment figure of roughly $825,000 but said that figure was developed before TANS were being considered and therefore may not include TANS payments.

Members raised multiple unanswered questions: which amounts in the packet reflect TANS versus COPS, what is the assumed interest rate for each instrument, and what the combined annual payment would be under different borrowing mixes. One committee participant said they ran their own amortization and that the last column in the packet was unclear about what it included. The Superintendent agreed to seek clarification from Mike Purcell and provide amortization schedules showing the payment impact of different borrowing amounts and interest rates.

On borrowing limits, staff said earlier modeling had considered scenarios up to approximately $12 million in combined borrowing under certain assumptions, but the paperwork presented to the committee authorized issuance of up to $4,000,000 in TANS (as described in the packet) and a separate authorization framework for COPS. Committee members emphasized they need explicit amortization schedules and clear statements of what the PI forecast payment does and does not include before committing to any sale of debt.

Why it matters: uncertainty about interest assumptions, repayment periods and whether PI forecast numbers include TANS can materially change how much the district can afford to borrow and the size of future annual payments. Committee members repeatedly asked staff for amortization schedules rather than summary lines so the board can avoid committing to debt that the district cannot afford to repay.

No formal vote on issuing debt was recorded in the committee meeting; the discussion concluded with staff agreeing to provide detailed amortization schedules and clarify what the PI forecast figure includes.