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Board approves financing resolution authorizing Phase 1 borrowing and potential refunding steps

Easton Area School District Board of Directors · January 28, 2026
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Summary

The board approved a financing resolution authorizing officers to proceed with documents for roughly $20 million for a Phase 1 high‑school project and to pursue refunding of prior bonds (bond counsel said roughly $46 million may be refundable, contingent on market conditions).

The Easton Area School District board approved a financing resolution that authorizes officers to sign documents for Phase 1 of a planned high‑school project and permits the district’s financing team to pursue refunding certain prior bond series if market conditions allow.

Kevin Reed, bond counsel, told the board the resolution covers two components: about $20,000,000 dedicated to Phase 1 of the project and a refunding component that could include prior bonded issues (identified in the transcript as 2018, 2019 and 2022 series) that "approximately about 46,000,000 or so may be able to be refunded," contingent on market cooperation. Reed said the action authorizes officers and officials to sign documents needed to file with the state and close the financing when terms are acceptable.

Board members asked clarifying questions about the scope of the resolution and whether approving it places the district under additional financial duress given pending audits; counsel responded that the resolution authorizes the Phase 1 financing actions and that refunds are contingent on market conditions. The district’s financing representative clarified regulatory disclosure language in the Raymond James letter and said the $300,000,000 figure in the subject line was a disclosure cap and not a specific immediate borrowing amount.

The motion on the financing resolution was moved, seconded and approved by voice vote. A follow‑up timeline for closing and any refunding will depend on market conditions and the outcomes of required filings.

Next steps: authorized officials may sign and file necessary documents; the financing team will continue to evaluate refunding opportunities and report back to the board when there is a firm recommendation.