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Richland 1 board authorizes sale of GO bonds up to $27 million
Summary
The board approved a resolution authorizing up to $27 million in general obligation bonds to fund technology, construction, equipment and vehicles; administration said bonds will be paid in full by March 1, 2027, and that taxpayers will not see an increase.
The Richland School District One board voted unanimously Feb. 10 to authorize the sale of general obligation bonds not to exceed $27,000,000.
Ms. Matthews Hazel presented the resolution, telling the board the bonds "will be paid in full by 03/01/2027, and there will be no increase to taxpayers." She said proceeds are intended to fund technology, construction, equipment, vehicles and other capital items.
Commissioner Hersey asked that Dr. Walker be given an opportunity to evaluate existing inventories and reported capital-project status so the board can consider whether any current assets or projects could be reprioritized before issuing debt. The administration said it would provide updates as requested. Commissioner Devine moved approval; the motion passed unanimously.
The resolution authorizes the administration to proceed with the bond sale within the $27 million limit and requires follow-up reporting to the board on inventory and project status, according to the presentation.
