Olentangy treasurer outlines capital plan; board approves short-term note and moves to issue $235 million in bonds and refund callable bonds
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Summary
Treasurer reviewed a five-year capital plan tied to the recently passed bond and asked the board to approve a $15 million six-month bond anticipation note, a resolution to issue $235 million in bonds for new school construction and other projects, and a refunding resolution up to $67,290,000 (expected to refund about $30 million) to save approximately $3.4 million in gross principal payments.
Treasurer Jenkins presented the district’s five-year capital plan and several finance resolutions at the Dec. 16 Olentangy Local Board of Education meeting, tying near-term cash needs and long-term construction to proceeds from a recently approved bond.
Jenkins said the successful no-new-millage bond will fund new school construction and allow the district to restore general-fund balances that had been used as a stop-gap. He walked through project groupings — roofing, mechanical and bus replacements, stadium and theater updates, and security — and noted carryover funds of about $700,000 for a larger roofing project; the board plans to approve a roofing bid at its January meeting.
On specific finance actions, the board considered three treasurer items:
- A six-month bond anticipation note (BAN) for $15,000,000 to provide short-term capital; Jenkins said the BAN will be repaid when the $235,000,000 bonds are issued.
- A resolution to issue $235,000,000 in bonds to fund Elementary 18, High School 5 and other projects approved in the recent levy and bond process.
- A refunding resolution for up to $67,290,000 in callable bonds. Jenkins said the district expects to refund roughly $30,000,000 of that total, producing gross principal/mortgage payment savings of about $3,400,000 and a net present-value saving of about $2,700,000 (approximately 8.56% for the refunded portion).
The board moved and approved the BAN resolution and the $235,000,000 bond issuance resolution by roll call. The refunding resolution was presented and moved; officials said they will proceed with pre-pricing and execution as market conditions allow.
Board members emphasized that savings from refunding reduce future requests to the community and noted the public availability of financial statements and the audit. The board approved consent financial items and accepted basic financial statements for the fiscal year ended June 30, 2025.