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District reports $13.3 million bond sale closed; funds expected in county treasury
Summary
A staff update said the district’s bond sale and bond anticipation note process closed and the district received the expected $13,300,000, with cash to be deposited in the county treasury within days.
At the meeting, staff reported that the district’s bond sale and bond anticipation note process that began in late June has closed and produced the anticipated $13,300,000 for bond projects under Fund 21.
A staff member reporting on the transaction said legal reviews, rating interviews and other documentation took place through July and August. She said the district received an email stating the sale is closed and that the cash should be received by the county treasury imminently. "We end up getting those $13,300,000 that we were anticipating, so we're very happy about that," the speaker said.
Board members thanked staff and voters for supporting the bond, and noted the district obtained a favorable interest rate given market conditions. The speaker said the district will next receive confirmation that the funds are in the treasury and then determine allocations for the bond projects.
