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Board adopts resolution of intent to issue limited tax notes up to $5 million
Summary
The DeSoto County School District board approved a resolution of intent to issue short-term limited tax notes under the district's three-mill borrowing authority, allowing borrowing of up to $5 million to be repaid within one year.
The DeSoto County School District Board approved a resolution of intent to issue short-term limited tax notes, invoking the district's three-mill borrowing authority to allow borrowing of up to $5,000,000 to finance new construction projects.
Staff explained the district's three-mill borrowing authority would permit issuance of a short-term limited tax note up to $5 million with repayment within one year of issuance; the board voted to approve the resolution of intent.
Board members registered “aye” on the motion and the chair announced the motion passed. The resolution as presented was an intent-to-issue action; staff did not present final sale documents during the meeting.
Next steps will require staff to proceed with the formal issuance process if the district elects to finalize borrowing, consistent with state law and the district's borrowing authority. The meeting record did not include additional detail on timing, interest rate estimates, or bond counsel instructions.
