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Fort Zumwalt board backs resolution to proceed with $50 million bond issuance, plans pricing March 26
Summary
Board approved a resolution to proceed with issuing the remaining $50 million from a prior bond authorization; staff and Stifel said they plan a premise resolution March 17, to price bonds March 26, and to have proceeds available April 8, with a short eight‑year amortization planned.
The board approved a resolution to proceed with issuing the remainder of a previously authorized general obligation improvement bond series, roughly $50,000,000, to fund ongoing capital projects. Brian Woodall presented the request and said the district has already received about $75,000,000 of the earlier $125,000,000 authorization and needs the remaining funds to continue work into the summer.
Stifel representative Lorenzo Boyd advised the board on timing: staff plan to return March 17 for approval of a premise resolution, price the bonds on March 26 when interest rates and terms will be set, and have funds on hand April 8. Boyd described the structure as a relatively short-term financing with an eight‑year amortization to take advantage of current reserves and limit long-term interest costs.
The chair called for a motion to approve proceeding with the general obligation improvement bond series; the board approved the resolution by voice.
Ending: Staff will return on March 17 with the premise resolution and proceed with pricing on March 26 as outlined.
