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School board authorizes up to $23 million in general obligation bonds for capital needs
Summary
The board approved a resolution allowing issuance and sale of general obligation bonds not to exceed $23 million for capital needs, part of the district's annual bonding program. The authorization is intended to provide proceeds for deferred maintenance and qualifying capital projects over the next 12–18 months.
The Kershaw County School Board voted to authorize the issuance and sale of general obligation bonds not to exceed $23 million for the FY2526 year, part of the district’s annual bonding process.
Finance staff explained the annual issuance provides the district with a low‑cost funding source to support installment‑purchase revenue bonds and to provide proceeds for deferred maintenance or other qualifying capital needs over the next 12 to 18 months.
The resolution presented to the board authorized the bond sale up to the $23 million cap; the board reviewed the package and supporting materials included in the meeting packet. The board moved the resolution on the motion of Mr. Jean and a second from a board member identified in the record as Rebecca. The motion carried unanimously after a voice/hand vote.
Board members were told that the installment‑purchase revenue bonds in the district’s existing schedule are set to mature in 2031 and that proceeds from the new issuance would be used as noted (deferred maintenance and qualifying capital expenditures). The board did not specify particular projects for these proceeds during the vote; staff indicated project selection and use of proceeds would follow capital planning and eligibility rules.
The bond authorization was handled as part of the consent/regular business cycle; board members asked no substantive questions during the vote and the resolution passed without amendment.
