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Interborough board authorizes tax-exempt bonds to finance school capital projects
Summary
The Interborough Board of School Directors unanimously approved a resolution authorizing tax-exempt bonds to finance additions and improvements to the district high school, a kindergarten academy and early learning center, and to purchase capital equipment and cover issuance costs.
The Interborough Board of School Directors voted 7-0 on July 16, 2025, to approve a resolution authorizing the issuance of tax-exempt bonds to finance a range of capital projects for the district, including additions and improvements to the district high school, a planned kindergarten academy and early learning center, and the purchase of capital equipment.
Board approval of the bond resolution is the formal step that allows the district to pursue non-electoral debt under the Debt Act to fund multiple capital projects and related issuance costs.
The board passed motion 16, which the meeting recorded as authorizing “the occurrence of non-electoral debt through the issuance of tax exempt bonds” to pay capital costs tied to the district’s high school, the proposed kindergarten academy and early learning center, capital equipment for district facilities, and costs of issuing the bonds. Solicitor Rubio said his office worked with the administration (Miss Barris’ office) on the item before it was presented to the board. The motion was moved and seconded and carried on a roll-call vote: Cleaver, Wilkin, Joseph, Harris, Goldsboro, Evans and Chabot voted yes.
The resolution as read at the meeting also authorized the board to accept a purchase proposal for the bonds and to appoint bond counsel and take “all actions necessary” to accomplish the issuance. The meeting record does not state a bond principal amount, interest rate, proposed repayment schedule or an expected closing date; those details will be set later in the bond issuance process.
No public comment or extended debate on the bond resolution was recorded in the meeting transcript. Solicitor Rubio and district staff were present and will carry out follow-up steps identified by the board.
Next steps noted at the meeting include accepting a purchase proposal and appointing bond counsel; the timeline and financing terms were not specified.
