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Board approves resolution to proceed with sale of school improvement bonds to fund new elementary and security upgrades
Summary
The Litchfield Elementary School District governing board unanimously adopted a resolution on Feb. 4 authorizing the sale and issuance of school improvement bonds tied to the November 2023 bond election; proceeds will primarily support construction of Troy Gilbert Elementary and front-office security upgrades districtwide.
The Litchfield Elementary School District governing board unanimously approved a resolution Feb. 4 allowing the district to move forward with the sale and issuance of school improvement bonds approved by voters in a November 2023 election.
Chief financial officer Michael Vaughan told the board the attachments in the agenda package include a resolution, related agreements, and the disclosures the district will provide to potential buyers. He said the sale "will primarily support the construction of Troy Gilbert Elementary School and front office security upgrades district wide." After the board’s approval the district will proceed to meet with rating agencies and other parties involved in a bond sale.
Vaughan said district staff had prepared the documents and that Stifel, the district’s investment banker, had a representative in the audience to answer questions. "Everything looks to be in order," Vaughan said when members asked whether the materials were ready to move forward.
A motion to adopt the resolution passed by unanimous vote. The motion delegated certain final decisions about sale timing and terms to the superintendent and chief financial officer, consistent with standard practice for public bond sales.
Ending
District staff said the next steps are to meet rating agencies and finalize sale documents; no sale date or final financing figures were presented at the meeting.
