Board approves $15 million bond issuance and adopts five‑year forecast

Treasurer Doctor Thompson outlined the rationale for issuing $15,000,000 in bonds before the fiscal year ends: investing those proceeds sooner allows the district to earn interest on the proceeds before money is spent on capital projects. He explained the arbitrage rules that limit how public entities may earn on borrowed funds and said the proposed amount would avoid triggering amortization limits.

Thompson said the bond proceeds would be targeted for the North project and that contingency funds are being built into construction budgets to cover change orders and escalating construction costs (he cited construction‑cost inflation near 16% annually). The board discussed timing, allowed uses and that surplus funds remaining after the project could be retained for additional improvements.

The board approved the bond issuance by roll call and then reviewed a five‑year forecast prepared by the treasurer, which included one‑time reductions totaling about $10.2 million and projected cash reserves (noted in the report as approximately $86–87 million in the early years, tapering over the five‑year window). Thompson said with the planned reductions the district will not be in deficit in fiscal year 2026, though it is projected to return to deficit spending later in the forecast period.

The meeting record shows the motions were moved, seconded and approved by roll call. Board members asked follow‑up questions about the permitted uses of bond proceeds and the size of contingency funding.

What happens next: the treasurer indicated the five‑year forecast will be submitted the next morning, and the administration will proceed with bond issuance work and project planning.