Director Jane Huska introduced the administrative action and said refunding bonds is like refinancing a mortgage; the savings flow to taxpayers rather than the district. "If people can just think of it as refinancing your mortgage," Huska said.

Aaron Bushberger of Ehlers reviewed the presale report and the refunding structure. The district would pursue tax-exempt refunding for portions of the 2016A school building bonds with a call date of Feb. 1, 2026, and the proposal targets maturities beginning in 2028 through the final maturity in 2031. Bushberger said the district’s underlying rating is AA3 and that participating in the state credit-enhancement program would provide the state’s AA1 enhanced rating for the issuance.

Bushberger estimated taxpayer savings of about $700,000 to $800,000 and described the near-term schedule: a rating agency call, bid receipt on Nov. 24, board approval of sale on the Nov. 24 meeting, and closing on Dec. 18. He emphasized that the intent-resolution does not obligate the board to proceed: "This intent resolution doesn't commit you to anything," he said.

Board member Storey moved and Doherty seconded a resolution "relating to $40,390,000 general obligation school building refunding bonds Series 2025A, authorizing the issuance and sale thereof and providing for credit enhancement there to." The motion passed on a voice vote after the chair called for ayes.

Ending: The board authorized staff to proceed with the presale steps (rating call, bid timetable and sale schedule); final sale would return to the board for approval before closing.