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Oakwood board authorizes $15 million notes to start phase 2 facilities work
Summary
The board approved a resolution to issue $15,000,000 in notes to advance phase 2 (now a CFAP project) of district facilities work; notes will be retired when bonds are sold, anticipated in January.
The Oakwood Schools Board of Education on Oct. 13 approved a resolution to issue $15,000,000 in notes to begin several local facility improvement (LFI) projects as part of phase 2, which has been revised into a CFAP project. According to the presentation, issuing notes allows the district to start projects and temporarily invest proceeds to earn interest that will be applied toward the project.
Board materials state the notes will be paid off when the district sells permanent bonds, expected in January. The district did not provide bond-sale timing beyond the January estimate or additional underwriting or interest-rate details during the meeting.
The motion to approve the notes resolution was made, seconded and approved by recorded Ayes. The board’s vote followed the finance presentation and a reminder that the item had been discussed at the prior work session. No amendments to the resolution were made on the floor.
District staff indicated proceeds will be used to begin selected LFI/CFAP projects, maximizing earned interest to offset overall project costs. The board did not provide a project-by-project spending plan at the meeting; staff indicated further details would follow in project-level documents.
