Sheldon ISD board hears plan to authorize up to $90 million in unlimited-tax bonds, sets timeline

Sheldon ISD trustees reviewed a proposal to authorize parameters for up to $90,000,000 in unlimited-tax bonds to fund district capital projects and to delegate authority to district leadership to finalize the sale.

Bond counsel Diane Martinez told the board she prepared an order that would delegate to the superintendent and the district's chief financial officer authority to accept final terms if bids met the board's parameters. The district's financial advisor presented a timetable that targeted bond pricing on Nov. 12 and a closing on Dec. 10.

The advisor said the district previously sold $98.5 million in an earlier series and described the proposed $90 million sale as the next step in a multi-series program; the advisor also noted the district anticipates selling a final $59.2 million in later years. Packet materials included the list of capital projects intended to be funded by the sale.

Staff told trustees the packet projects the sale can be completed within authorized tax limits and, based on current assumptions in the offering materials, would not create a tax impact relative to the previously discussed 50-cent reference point. Board members asked questions about timing, valuation and the appraisal roll; staff said some appraisal values were still pending a supplemental roll.

The board did not vote immediately to sell bonds on the floor; bond counsel presented the authorizing order and sought approval of parameters and delegated authority so staff could price the bonds under the board's direction if market bids met those parameters. The board was asked to return to the item for formal action consistent with the order and parameters presented.