The Lee's Summit R‑VII Board of Education on May 20 approved a parameters resolution calling for the issuance of $45,000,000 in general obligation bonds and a separate parameters resolution to authorize refunding of prior debt, while also approving a $2,738,440.80 transfer from the general fund to the special revenue fund.

The bond resolution, presented by a district staff member identified in the meeting as Dr. Sheldon, described the $45 million as the first tranche of bonds authorized by voters in a prior $225 million general obligation bond authorization. Dr. Sheldon told the board the district will stagger sales so it can meet a rule that 85% of bond proceeds must be spent within three years of sale and to match project timing.

The board also approved a parameters resolution to refund prior debt, which district staff said would restructure outstanding obligations and reduce interest costs to taxpayers.

Board action included a voice vote approving the transfer of $2,738,440.80 from the general fund to the special revenue fund and approval of the treasurer's report and payment of bills. Motions in the meeting were moved and seconded by members of the board on the record; votes were taken by voice with board members indicating “aye.”

Why it matters: issuing bonds begins the district's capital work funded by the voter-approved program and the refunding can lower future debt service costs; the transfer and bill approvals are part of regular fiscal operations that fund programs and payroll.

Details: the district presented the parameters resolutions rather than fixed sale terms because market conditions were described as volatile; the resolutions authorize sale within set conditions so staff can select the sale date that offers the best market outcome. District counsel and financial advisors (Gilmore Bell was named in the meeting) were present in the room and available to answer questions, the superintendent noted. The board approved the measures by voice vote; no roll-call tally was recorded in the public transcript.

Next steps: staff said a second bond tranche is expected later as projects progress. The refunding will proceed within the parameters approved tonight; specific sale dates and final terms will be set by staff and advisors when market conditions meet the approved limits.