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Board hears bond counsel: $12.545 million school bond sale completed, closing set for later this month
Summary
Bond counsel reported the voter-approved $12,545,000 general obligation bonds were sold April 1 with a true interest cost of 4.3%; counsel said the district expects to close the issue later this month pending board approval.
Bond counsel Britain Black told the board that the voter-approved $12,545,000 general obligation school bonds were marketed and sold on April 1.
Black said the underwriters achieved a true interest cost of 4.3% for the bonds and requested board confirmation next week so the district can close the sale. “With your approval next week, we would look to close the bond issue on Thursday, the 23rd. That is when you'd have money in the bank,” Black said.
Administrators said the district’s bond rating was maintained, though with a negative outlook related to recent budget pressures. The board did not take a final vote on April 14; counsel asked the board to adopt the final resolution and execute the bond purchase agreement at the next scheduled meeting to complete closing.
