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School board approves preliminary plan to issue up to $4 million in bonds
Summary
The Decatur County Community Schools board approved a preliminary bond resolution authorizing issuance of up to $4,000,000 in bonds (interest not to exceed 5.5%) and separately declared intent to reimburse certain expenses from bond proceeds; both measures passed unanimously and public hearings will be scheduled in May.
The Decatur County Community Schools board voted unanimously to approve a preliminary bond resolution that authorizes the district to issue up to $4,000,000 in general-obligation bonds and a separate declaration of official intent to reimburse certain expenditures from the bond proceeds.
The board attorney summarized the plan: “First is called preliminary bond resolution … we would issue bonds no more than $4,000,000, with an interest rate not higher than 5 and a half percent. And, the bonds would be sold in $5,000 increments and be, for more than 20 years,” the board attorney said. The board passed both measures by voice vote, 7-0.
Why it matters: the preliminary resolution clears the way for the district to proceed to a final resolution after required public hearings. The attorney told the board that the final bond resolution would be brought back next month following public hearings and that the district will publish three separate notices in the Greensburg and Shelbyville newspapers to inform taxpayers and patrons.
The board also approved a declaration of official intent to reimburse certain project-related expenses from future bond proceeds. The attorney explained the resolution allows the district to pay eligible costs up front and later reimburse them from bond proceeds when bonds are issued.
Next steps: staff will publish the required public notices in local papers and the board expects to consider the final bond resolution after the public hearings next month.
