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Tooele Board authorizes issuance of GO bonds and MBA lease-revenue bonds to finish construction, approves MBA convening
Summary
The board authorized issuance of voter‑approved general obligation (GO) bonds and approved authorization for municipal building authority (MBA) lease‑revenue bonds, a package district staff said allows finishing construction without draining capital reserves; board approved both resolutions by voice vote.
The Tooele Board of Education on Tuesday approved resolutions to issue the final series of voter‑approved general obligation bonds and to authorize lease‑revenue bonds through the district's municipal building authority, motions board members said will free up capital to finish ongoing construction projects.
Business administrator Lark Reynolds framed the move as part of a “plan of two funds,” separating a capital fund and the operating (maintenance and operations) fund so the district does not exhaust reserves while completing Stansbury Junior High. Reynolds said the approach combines previously…
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