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Board approves sale of up to $40 million in school improvement bonds
Summary
The Washington Elementary School District governing board voted to authorize the issuance and sale of school improvement bonds up to $40,000,000, with officials saying the sale is intended to preserve the district's tax rate at about $0.91 and to fund previously approved projects from the 2023 bond election.
The Washington Elementary School District governing board on Feb. 27 adopted a resolution authorizing the issuance and sale of school improvement bonds approved by voters in the 2023 election, authorizing a sale request for up to $40,000,000.
Board members approved the resolution by voice vote after a staff presentation on the timing and size of the next sale. Mr. O'Brien, a district staff member who presented the item, said the district will work with bond counsel and its financial adviser and that the sale amount would be “no more than $40,000,000” and might be less to keep the tax rate near the 91¢ level promised during the election.
The resolution delegates to district officials the authority to determine the method of sale and to execute sale documents on the board’s behalf. The board did not record a roll-call tally in the minutes; the motion carried on an affirmative voice vote.
The presentation said the district previously sold bonds near the time of the election and is now setting the next sale to fund projects already authorized by voters. Megan Burke, identified in the meeting packet as present from Stifel, was noted as the district’s financial adviser on the sale.
The board provided no additional specifics in the public meeting about the exact projects to be funded by this tranche or the precise date of sale; staff said the amount could be less than $40,000,000 to maintain the tax rate.
