Tea Area School Board OKs up to $7.5 million capital outlay certificates and approves bus storage expansion bids

The Tea Area School District 41-5 Board of Education voted to authorize the issuance of limited tax general obligation capital outlay certificates in an aggregate principal amount not to exceed $7,500,000 and approved bids for an expansion of the district operations bus storage during its meeting.

The resolution approved by roll call gives district officials authority to complete the offering documents and proceed to sale. Tom Grumman of Collier Securities, who explained the financing process to the board, described the board action as an authorizing resolution that sets parameters for the sale and allows staff to move to the marketing and pricing phase. "This is a what they call in South Dakota, an authorizing resolution," Grumman said. He added plainly, "I'm not going to be able to get you 0% interest rates," while describing market-driven…