School board approves resolution to defease portion of 2023 general obligation refunding bonds
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Summary
The board voted unanimously to authorize the transfer of funds and establishment of an escrow account to defease specific general obligation refunding bonds issued March 9, 2023, a move staff said will save the community interest costs.
At the board meeting the district presented a resolution authorizing the transfer of funds, establishment of an escrow account and the defeasance of certain general obligation refunding bonds dated March 9, 2023.
Dr. Ellworthy presented background and recommended the board approve the resolution. "We had some money in the debt service account, and we evaluated the best opportunities for the community — the recognition is to pay down debt ahead of time," he said, adding the defeasance would save the district "over $400,000 in interest." (Doctor Ellworthy.)
After brief comments from board members thanking staff for the work, Commissioner Zuer moved to approve the resolution and Doctor Bica seconded. The board conducted a roll‑call vote; the clerk recorded all yes votes and the motion carried.
The board approved the resolution as presented; staff were instructed to complete the required escrow and transfer paperwork and provide documents to the clerk for signatures.