Committee approves extension of 2024 note and authorizes borrowing up to $90 million for school projects

The Bristol Warren Regional School Committee approved two finance resolutions on March 31: an extension of the district’s 2024 promissory note maturity date and authorization to issue notes up to $90,000,000 under the enabling voter-approved bond.

Attorney Miss Mac briefed the committee on the financing steps, saying the district negotiated with the note holder to extend the 2024 promissory note and arrange payment of accrued interest in the near term. "We were able to negotiate with the holder of the note bond, to carry it until we go to the market," she said, adding that the district will pay accrued interest on April 8 and the extended principal maturity will be June 5.

The second resolution would authorize borrowing in the public market: the committee voted to authorize issuance of up to $90,000,000 in one‑year notes under the authority of a voter‑approved $200,000,000 school bond for refunding, financing additional projects, capitalized interest and costs of issuance. Miss Mac walked members through required disclosures for public-market issuance, including the material events disclosure (15c2‑12) and the need to secure a credit rating and official statement.

Both measures were moved, seconded and approved by the committee. The transcript records the chair asking "All in favor?" and members responding "Aye." The joint finance committee (JFC) had previously reviewed and approved aspects of the structure; the March 31 votes provided the school committee’s final authorization.

Next steps described in the meeting: staff will deliver documents to the bank to implement the extension and proceed with the public-market issuance process, which will include rating-agency engagement, finalizing the official statement and execution of signatures by the district treasurer and chair as required by enabling legislation. No vote counts by name were recorded in the transcript.