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Richland 2 previews up to $30 million GO bond sale for capital projects; board to consider resolution next meeting
Summary
District staff and municipal advisors briefed trustees on a proposed general obligation bond resolution authorizing up to $30 million for capital projects; the sale was proposed for Aug. 20 with a planned close by Sept. 10 and no millage increase for debt service.
District staff and a municipal advisor briefed the Richland School District 2 Board of Trustees on a proposed resolution to authorize up to $30,000,000 in general obligation bonds to fund capital projects.
“This is a resolution to authorize up to $30,000,000 of general obligation bonds,” said Mike Gallagher of Compass Municipal Advisors. Gallagher said the financing would be used to fund capital projects and the capital fund budget; it would not fund operations. He proposed a bond sale on Aug. 20 with a planned closing by Sept. 10, and he said the financing would be structured “with no millage increase,” meaning the district’s debt levy would remain the same.
District staff identified the item as information only at the June 24 meeting; the resolution is scheduled for formal consideration at the next board meeting.
