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Rockcastle County board and finance corporation authorize bonds and related financing steps for school projects
Summary
The district's finance corporation read a resolution to issue up to $40 million in school building revenue bonds, and the board approved a related contract, an engagement letter and a separate general‑obligation bond resolution (Series 2024) not to exceed $16 million to lower interest costs.
Members of the Rockcastle County School District Finance Corporation and the Board of Education moved through a series of financing steps intended to fund school building projects.
During the corporation meeting a resolution was read authorizing issuance of school building revenue bonds not to exceed $40,000,000 to provide funds for school building purposes and related funds, leases and disclosures under the Kentucky Revised Statutes. The board then read and approved a separate resolution confirming acceptance of assistance from the Kentucky School Facilities Construction Commission, authorizing a lease agreement with the finance corporation, approving architects' plans and approving the plan of financing for the projects.
An advisor identified as Keith explained that House Bill 727 enacted in the most recent legislative cycle gives school districts the option to issue general obligation (GO) bonds; the district plans to split financing of the middle school into two series—lease revenue bonds and a portion as general obligation bonds—to lower interest costs by pledging a tax on taxable property for the GO portion. The board approved a resolution authorizing general obligation bonds, series 2024, in an amount not to exceed $16,000,000 and approved an engagement letter (recorded verbally as with "step toe" and Anne Johnson) to assist with the financing. Motions to approve these items were made, seconded and approved by voice vote.
