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Board approves $6.5 million 2025 bond supplement and continuing-disclosure supplement
Summary
The board voted 5-0 to approve a resolution reapproving the issuance of part of the 2025 bond series: a $6.5 million supplemental offering and a supplement to the master continuing disclosure undertaking, the second phase of the district's planned bond program.
At its Aug. 12 meeting the Town of Speedway Board of Trustees approved a resolution reapproving the issuance of 2025 bonds and a supplement to the district's master continuing disclosure undertaking. The motion passed by voice vote, 5'0.
A district representative said this action is "part 2" of a planned multi-step bond offering that began with a prior closing in October 2024. The presenter described the current phase as a $6,500,000 offering that the finance team plans to sell in the coming months to take advantage of market conditions.
"So our first round did pretty good, and we expect that the way the market's going right now, we made the right choice a year ago for doing it this route," the presenter said, recommending approval of the resolution to issue the 2025 bond supplement and to file the supplemental continuing-disclosure undertaking.
Board members moved and seconded the motion during the meeting. No board member raised substantive questions during the public record portion of the item; the motion carried 5'0.
The action authorizes staff to proceed with the supplemental offering and to update the district's disclosure documents; no sale had occurred at the time of the meeting and market timing and final offer terms will be determined by the district's finance team.
