Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonding topic
No spam. Unsubscribe anytime.
Dorchester 2 board approves up-to-$37.5 million bond resolution, outlines $56 million plan for referendum projects
Summary
The Dorchester School District 2 board approved a resolution authorizing up to $37.5 million in general obligation bonds to fund first-year capital and technology projects and discussed plans to use a $56 million bond-anticipation note to begin referendum projects; the measure passed 7-0.
Dorchester School District 2 trustees voted unanimously Aug. 12 to approve a general obligation bond resolution authorizing the issuance and sale of "not exceeding $37,500,000" to fund the district's first year of capital projects, equipment payments and technology costs.
The resolution, presented to the board by finance staff (Ms. Beignet), covers equipment acquisition payments, installment purchase revenue bonds and an allocation of the district's 8% capital projects funds. "This is for not exceeding $37,500,000," Ms. Beignet said during the presentation.
Why it matters: the bond will finance projects already laid out in the district's capital plan and allow the district to move forward on priority construction and technology items while the referendum projects begin. Finance staff told trustees the sale is planned for September with initial funds available in October and that some proceeds may be drawn down monthly as projects advance.
Referendum funding and bond anticipation note: staff also described planning for a bond anticipation note (BAN) to begin work on referendum projects. District finance staff estimated approximately $56,000,000 of funding will be needed over the next 12 months for referendum-related work and said the BAN would allow the district to draw funds as projects start.
Board action and next steps: Chair called for a motion; Miss Crosby moved to approve the resolution and Miss Hughes seconded. The chair called the vote and the motion carried, 7 in favor, 0 opposed. Finance staff said they expect to return with procurement and schedule items and will report referendum progress at every board meeting. The board was told interviews for the construction project manager RFP were scheduled for Aug. 20, with construction-manager-at-risk interviews Aug. 22 and anticipated contract recommendations for August and September meetings.
Votes at a glance: the board approved the bond resolution (motion by Miss Crosby, second by Miss Hughes) by a 7-0 vote. Other formal votes at the meeting (personnel recommendations; superintendent contract extension) were also unanimous; details appear in the board minutes and in the meeting record.
Background: the presentation linked the bond to the district's capital projects spreadsheet, which separates capital projects fund monies, TIF projects and referendum projects, and included annual technology funding estimates and a contingency buffer for emergencies. The district plans quarterly public reporting on referendum spending through a citizens advisory review team once that body organizes. The board adjourned after completing remaining agenda items.
