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School board authorizes up to $37.5 million in GO bonds through SCAGO to cover bond payments
Summary
Dorchester School District Two approved a resolution authorizing issuance and sale of up to $37.5 million in general obligation bonds through the SCAGO program to cover installment purchase revenue bond payments and capital projects.
The Dorchester School District Two board voted Aug. 11 to authorize a resolution to issue and sell up to $37,500,000 in general obligation bonds through the South Carolina Association of Governmental Organizations (SCAGO).
Tammy Mignet (staff) told the board the issuance will help pay scheduled payments on the district's installment purchase revenue bonds originally issued in 2013 and 2015 and refunded in 2023, and will fund capital projects included in the district's three-year capital plan. Mignet said the district would receive funding in September if the sale proceeds as planned.
Board member Farnsworth moved the resolution and board member Lee seconded; the motion carried 7–0.
Mignet described plan line items in the capital packet, citing a not-to-exceed total of $37,500,000. She noted the request aligns with previously authorized capital-plan amounts and specific projects included in board materials.
There were no amendments or conditions attached to the board's approval; staff said debt administration and sale scheduling will continue with SCAGO and bond counsel. The board recorded the motion as carried 7 in favor.
