Finance Corporation of the School Board of Lake County approves refunding of certificates of participation

The Finance Corporation of the School Board of Lake County voted 5-0 March 24 to approve moving forward with the refunding of certificates of participation and authorized district leaders to sign final documents if market conditions produce savings.

Mr. Ward, a staff member presenting the financing item, told the board that most documents were near final but that a couple remained in draft. "If we see the savings when we go to market, we would like permission to have the superintendent and chair sign the documents and move forward with the refunding," Ward said.

The superintendent recommended approval. "I recommend approval of the refunding of certificates of participation as presented," the superintendent said.

Board member Mr. Mathias moved to approve the refunding, and Board member Mrs. Cunningham seconded the motion. The motion passed on a roll call of 5-0. The transcript records the tally as "Aye. Passes 5 0." The transcript does not list individual board members' votes by name, nor does it specify dollar amounts, the expected interest-rate savings, or the proposed closing date.

The board held no extended debate and asked no further follow-up questions in the public portion recorded in the transcript. After the vote the chair closed the special meeting and adjourned.

Staff will finalize the remaining draft documents and may execute them if the planned market sale yields savings, as described in the presentation. The transcript does not specify the refunding's amount, the certificates' maturity schedule, or the underwriter or bond counsel to be used.