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Florence County SD3 board approves resolution to authorize up to $25 million in special-obligation equipment bonds
Summary
The Florence County School District 3 board approved a resolution authorizing up to $25,000,000 in special-obligation bonds to finance nonpermanent equipment and systems, citing a new county revenue-sharing stream to support repayment. The vote was unanimous; the board granted district leadership authority to complete documents and hire an underwriter and trustee.
The Florence County School District 3 Board of Trustees on Dec. 19 voted to approve a resolution authorizing the issuance of special-obligation bonds of up to $25,000,000 to fund equipment and other nonpermanent improvements.
Ben Ziegler, an attorney working with the district, outlined the financing plan and the attached form of bond documents and told trustees the structure would allow the district to finance items such as HVAC, electrical work, stadium lights and turf without counting against the district’s constitutional debt limit. "This will authorize the issuance of these $25,000,000 bonds," Ziegler said, describing the plan…
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