Beatrice board approves $1.73 million payment on 2010 school construction refunding bond
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Summary
The Beatrice Board of Education voted 6–0 to authorize a $1,729,050 payment on a tax general obligation refunding bond series 2010B tied to Quality School Construction funding awarded in 2010, a payment the superintendent said had been anticipated and budgeted for.
The Beatrice Board of Education on Nov. 10 approved a $1,729,050 payment for the district's tax general obligation refunding bond series 2010B.
During the action portion of the meeting, a board member moved to authorize the payment and the motion was seconded. Superintendent Alexander explained the payment covers a bullet payment that matured from bonds issued in 2010 under the Quality School Construction Assistance (QSCAB)/Build America bonds program and includes annual interest and processing fees. "This general obligation bond payment has been in the works since 2010 when the district was awarded quality construction school construction bonds through the Build America bonds," Alexander said, summarizing the history and purpose of the original $1,680,000 allocation for district projects.
Alexander told the board the payment includes roughly $48,300 in interest and a $750 annual bond-processing fee that bring the total to $1,729,050. He said the district refinanced the callable portion in 2020 and the callable portion remains payable until 2030, but the district has budgeted for the current obligation.
The motion carried by a recorded voice announcement of 'Motion passes' with a 6–0 tally.
Next steps: board minutes record the payment approval; no additional implementation steps were specified at the meeting.