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Decatur board authorizes $52M bond sale, pledges district backing for early childhood center and high school work
Summary
City Schools of Decatur’s Board of Education on Oct. 14 approved an intergovernmental agreement of sale with the City of Decatur Public Facilities Authority to enable a public-market bond issuance of up to $52 million for a new Early Childhood Learning Center, renovations at Decatur High School and possible refunding of 2014 debt.
City Schools of Decatur’s Board of Education on Oct. 14 approved an intergovernmental agreement of sale with the City of Decatur Public Facilities Authority that clears the way for the Public Facilities Authority to issue revenue bonds to finance a new Early Childhood Learning Center (ECLC), renovations at Decatur High School and a possible refunding of certain 2014 certificates of participation.
Under the agreement the district will pledge its full faith and credit up to the statutory millage cap to secure the bonds; the district intends to repay the bonds primarily with Special Purpose Local Option Sales Tax (SPLOST) proceeds and other lawful district revenues. The bond parameters approved by the board set a not-to-exceed principal of $52 million (roughly $36.5 million new-money for capital projects plus contingency and potential refunding) and a not-to-exceed interest/coupon parameter used for market flexibility.
The Board voted to approve the intergovernmental agreement and related…
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