Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Financing topic
No spam. Unsubscribe anytime.
Racine Unified approves parameters for up to $37.155 million in promissory notes
Summary
The Racine Unified School District board approved a parameter resolution authorizing up to $37,155,000 in general obligation promissory notes to complete borrowing for capital projects. The measure passed on a roll-call vote with six yeses.
The Racine Unified School District board approved a parameter resolution authorizing the sale of up to $37,155,000 in general obligation promissory notes to complete financing for projects at Case, Gifford, Goodland Montessori and Walden. Administration said the resolution will allow the district to finish borrowings tied to those capital projects and that Moody’s affirmed a AA3 bond rating with a stable outlook on the district’s most recent rating call.
A board member moved the resolution and the presiding officer seconded. The board approved the measure on a roll-call vote, recorded as six yes votes.
Why it matters: The resolution sets the parameters for borrowing used to fund school construction and renovation projects. Administration framed the financing as necessary to complete planned capital work and noted the district’s current bond rating as supportive of borrowing plans.
Votes at a glance: - Parameter resolution for promissory notes (up to $37,155,000): motion moved by a board member, seconded by the presiding officer; vote recorded as six yes → approved. - Board consent agenda: approved, six yeses. - Superintendent consent agenda: approved, six yeses.
What’s next: Administration said the formal award and transaction details will be completed through the business meeting and related closing documents will be prepared for signatures.
