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Newport board authorizes financing steps for capital projects, clears rooftop solar PV proposal pending solicitor review
Summary
The board approved moving forward with general obligation bond parameters and authorized administration to work with PFM and bond counsel to pursue a bank loan (not to exceed $2,000,000) for capital needs tied in part to rooftop solar; the board also approved McClure Co.'s rooftop solar PV proposal pending solicitor review.
At its Oct. 14 meeting, the Newport Board of School Directors authorized administrators to pursue financing for capital projects, including work tied to rooftop solar, and approved a rooftop solar photovoltaic (PV) proposal pending legal review.
The board combined and approved multiple contract and bond-related agenda items, including a parameters resolution for general obligation bonds and a motion (moved by Patrick Shull, seconded by Pat Dorman) authorizing administration to work with PFM Financial Advisors LLC, bond counsel Eckert, Seamans, Cherin & Mellot LLC and solicitors to pursue a bank loan through a competitive RFP process for district capital needs in an amount not to exceed $2,000,000. Finance director Jamison Magaro said the loan action is related to financing part of the previously discussed solar project for one building and that PFM advised seeking a five-year loan to align with expected federal tax credits and a Solar Solutions grant.
The board separately approved (moved by Thomas Hartley, seconded by Patrick Shull) McClure Co.’s rooftop solar PV proposal subject to solicitor review and a proposal from Hummer Turfgrass Systems for a baseball infield renovation. Both motions carried by roll call, 7 ayes, 0 nays, 2 absent.
Why it matters: the actions create a path for the district to finance capital improvements while using federal credits and grant funding to offset costs. The board authorized steps to engage a financial adviser and bond counsel and to seek bank financing up to $2 million; approval of a contractor’s rooftop PV proposal signals movement from planning toward procurement, subject to legal review.
Next steps: solicitor review of the McClure Co. proposal and any necessary bond/loan documentation. Administration said it will return with details as procurement and financing steps proceed.
