The Public Building Authority Advisory Board voted July 25, 2025, to replace $250,000 of expended bond funds with $250,000 from the PBA reserve. The funds were originally used as earnest money on a contract to purchase property from Allen Contracting; when that contract failed, the earnest-money payment was forfeited and the PBA continued to incur interest on the borrowed amount.

The action matters because replacing the forfeited bond-funded earnest money with reserve dollars stops further interest charges on that borrowed amount and makes the original bond proceeds available to support other projects.

Keith, a staff member, explained the proposal: when the Allen Contracting property was put under contract, $250,000 of bond funds was used as earnest money; when the purchase did not close the $250,000 was forfeited and the PBA continues to pay interest on that borrowed amount. The board considered a proposal to move $250,000 from the PBA reserve into the bond fund to repay that portion and avoid further interest costs.

Board members asked about the reserve balance and were told a current exact figure would be provided; staff estimated the PBA reserve hovers around $2,000,000 but said they would confirm the exact balance. Following discussion, a member moved approval, a second was recorded, and the board voted to approve the transfer. The motion passed, and the board recorded the action as approved.

The transfer is an accounting action to replace borrowed bond proceeds with internally held PBA reserves; the board did not change bond authorizations or adopt new borrowing. Staff indicated they will confirm and report the reserve balance in follow-up materials.

The board also approved routine receipt of related financial reports. No legal authority or statute was cited during the discussion; the decision was an internal funding reallocation recorded in the meeting minutes.