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Lindbergh Schools board approves up to $75 million in general obligation bonds
Summary
The Lindbergh Schools Board of Education on June 17 approved a resolution authorizing the sale and issuance of up to $75,000,000 in general obligation bonds, Series 2025, the second phase of a multi-year bond plan.
The Lindbergh Schools Board of Education on June 17 approved a resolution authorizing the sale and issuance of up to $75,000,000 in general obligation bonds, Series 2025, a planned second phase of a multi-year financing program.
Board members said the sale is part of a previously adopted financing plan and that the district will offer the bonds on the competitive market on July 9. District legal counsel and finance staff were present to answer questions before the board voted.
The bond resolution was moved by board member Julia and seconded by board member Andy. The motion carried unanimously, 5–0. District staff described this sale as “phase 2” of the district’s multi-year plan; they said a subsequent phase would include roughly $20,000,000 to refinance certain general-fund obligations into the debt service fund.
Jason Terry of Gilmore & Bell, the district’s bond counsel, and finance staff joined the discussion to confirm the process and legal requirements for offering general obligation debt. Board members noted the board had been given time to review the resolution and its attachments before the meeting.
No amendments to the resolution were proposed during the open-session discussion, and no board member opposed the motion.
The district plans to proceed to the competitive market on July 9 to sell the Series 2025 bonds under the terms set out in the resolution. Further details about project allocations, interest rate assumptions or the ultimate sale price were not specified during the meeting.
