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Commissioners approve resolution allowing installment financing for St. James school expansion up to $13M
Summary
The board adopted a time-sensitive resolution to authorize installment financing and a lease-back structure for the St. James school expansion, allowing limited obligation bonds not to exceed $13 million; staff said projected allocation is about $11 million.
Lincoln County commissioners adopted a time-sensitive resolution authorizing installment financing to support an expansion of St. James school.
Finance staff explained the county will seek limited-obligation bonds and use a lease-back of the St. James property as collateral. "This is a time sensitive resolution, which simply allows us to do the installment financing as well as to acquire the Saint James property, which we'll then lease back, but that'll serve as our collateral on the financing the debt up to, but not to exceed 13,000,000," the presenter said.
He told the board the projected allocation is around $11,000,000. Commissioner Mullen moved to adopt the resolution and the board approved it by voice vote.
The resolution authorizes staff to proceed with the financing steps; further bond documentation and any required public notices will follow the county's normal procedures.
