The Richland County Community School District 1 board agreed to begin the formal process to sell alternate revenue bonds and set a not‑to‑exceed ceiling that would allow up to $9,000,000 in new money for an athletic complex while refinancing roughly $12,000,000 of outstanding alternate revenue bonds.

District consultants told the board that the three‑month schedule requires a Jan. 15 board authorization to set the ceiling, a Feb. 19 public hearing required by the Bond Issue Notification Act (BINA), and formal passage of a bond resolution on March 19 before bonds would be sold in late March or April. "January 15 would be the first board action," the district’s bond adviser said, adding the sale would follow whatever final directions the board gave after the March resolution.

Why it matters: district staff said cash‑flow projections require some of the bond proceeds to be available in April to meet scheduled payments. Consultants warned that market pricing and final bid results will determine the exact borrowing need but explained the board can set a maximum authorization now and choose a lower issuance later. "You can authorize $9,000,000 and two months from now say, ‘we only need $8,000,000’—that's how much you borrow," a consultant said.

Details: the adviser said the district is looking at refinancing the outstanding 2018 and 2019 alternate revenue bonds—about $12,000,000 outstanding now—and adding new money for the athletic project. Depending on the new‑money amount the combined authorization could be in the $20 million‑to‑$21 million range. Staff recommended the board set the new‑money ceiling at $9,000,000 so that, together with the refinancing, the total authorized amount would be roughly $21,000,000; board members noted they could lower the amount before the sale if bids indicate less is required.

What was decided and next steps: board members signaled support to move ahead with the $9,000,000 ceiling and asked staff to prepare a resolution for the board to consider at its Jan. 15 meeting. A Feb. 19 public hearing and a March 19 bond‑resolution vote were scheduled as the next formal steps; staff and advisors said they would return with final documents and legal notices required by statute.

The board did not complete a final bond sale at the special meeting; the Jan. 15 meeting will include a formal resolution to initiate the authorization and public‑notice process.