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Public Buildings Authority approves bond-fund processes, names requisition officer
Summary
The Public Buildings Authority approved a procedure to access and monitor bond proceeds on deposit and appointed Megan Detterman as requisition officer for planned public-project work paid from the proceeds.
The Public Buildings Administration (PBA) approved a process to access, track and report bond proceeds that are on deposit with a trustee bank and appointed a requisition officer for the series of projects those proceeds will fund.
The PBA voted to accept a workflow and reporting methodology intended to let the authority draw on bond proceeds while keeping the funds on deposit with the trustee bank. The authority also appointed Megan Detterman as requisition officer and approved related administrative officers for the bond series.
Why it matters: the approved procedures set how roughly $15 million that has been issued and is currently on deposit with the trustee bank will be encumbered and paid out for courthouse and other public-building work. Bond purchasers hold a lien on proceeds while funds remain with the trustee; the new process is meant to provide project tracking, purchase-order review…
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