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Tea Area School Board Authorizes Up to $7.5 Million in Certificates to Fund Facilities and Land
Summary
The Tea Area School District 41-5 board approved a resolution authorizing the issuance of up to $7.5 million in limited-tax general obligation certificates to finance school facility improvements and potential middle-school land purchase; the measure passed by roll call.
The Tea Area School District 41-5 Board of Education voted to authorize the issuance of limited-tax general obligation certificates totaling no more than $7,500,000 to fund construction, facility and security upgrades and to provide an option for land purchase for a future middle school.
The board took a roll-call vote after a presentation by Tom Grama of Colliers, who described the certificates as an authorizing resolution that gives the district authority to prepare an offering and proceed to pricing day, when interest rates and final terms will be set. "This is a what they call in South Dakota, an…
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