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Hillsboro R-III board approves bond defeasance, two new buses and final construction payment
Summary
Board approved a bond defeasance to redeem $2,855,000 (Series 2017A) on or about March 1, 2025, the purchase of two Bluebird 77-passenger buses for $297,800.80 (one bus to receive a $22,500 DERA grant), and the final contractor payment for the Ridge Learning Center (reported as $777,764).
The Hillsboro R-III Board approved several fiscal actions during the meeting.
Defeasance of bonds: The board approved a resolution authorizing the defeasance of a portion of the district's outstanding general obligation bonds (Series 2017A). District staff said the defeasance will allow the district to pay off $2,855,000 early, with a planned redemption date of March 1, 2025; the action also authorized a second amendment to the direct deposit agreement that will permit the district to pull funds from its debt service fund to complete the redemption.
Bus purchase: The board approved the purchase of two new 77-passenger Bluebird buses from Central States for a total of $297,800.80. Staff said one bus will be eligible for a Department of Emissions Reduction Act (DERA) grant of $22,500 (bus 30); the other bus will be paid from district capital funds and will be used in regular replacement cycles.
Construction final payment: The board approved the final payment to Brock Miller Construction for the Ridge Learning Center project, accepting pay application number 5 in the amount specified by the contractor, reported in the meeting as $777,764. District staff noted a small credit related to lighting that was returned to the district; the board described this as a minor change order credit.
Each measure was moved, seconded and approved by the board; no roll-call tallies were specified in the meeting transcript for these motions beyond the board president announcing the motions carried.
