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Board authorizes bond sale parameters to capture SB4 hold‑harmless funds; staff to aim for pre‑Sept. closing
Summary
Trustees authorized the district to issue up to $275 million in unlimited tax school building bonds under parameters designed to qualify for Senate Bill 4 hold‑harmless funding, with staff and advisors recommending closing bond sale as soon as practicable to capture roughly $26.2 million in state hold‑harmless funds over the life of the bonds.
The Eagle Mountain Saginaw ISD Board of Trustees on July 28 authorized an order to issue school-building bonds under parameters designed to maximize state hold‑harmless funding created by Senate Bill 4.
What the board authorized: The order authorized the issuance and sale of unlimited-tax school building bonds with a maximum principal amount of $275,000,000, a maximum interest rate cap of 5.5%, and a final maturity not later than Aug. 15, 2055. The board delegated authority to district officials to complete a sale within the parameters and directed staff to seek to close the transaction in…
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