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Cherokee County School Board authorizes up to $130 million bond sale to refinance debt, fund projects
Summary
The school board authorized staff to proceed with a competitive public offering for up to $130 million in general obligation bonds Dec. 11, part of which will refund 2018 bonds to save taxpayers an estimated $4 million and fund voter‑approved capital projects.
The Cherokee County School Board voted Dec. 11 to authorize staff, bond counsel and advisers to pursue a competitive sale of up to $130,000,000 par value in general obligation bonds, a step tied to the voter‑approved capital plan. A portion of the proceeds is intended to refund the district’s 2018 series bonds, which staff said would save taxpayers more than $4,000,000.
Staff said the bond authorization aligns with the Nov. 2, 2021 referendum that approved the capital program and that refunding the 2018 bonds will produce savings. The motion to authorize the competitive sale was moved, seconded and approved unanimously.
Board members asked staff how bond proceeds intended for technology would be used. Financial staff member Mr. Owen said proceeds for technology would be targeted to long‑lived infrastructure rather than short‑lived devices. "These are long term monies... This is a 10 year term on this bond. And we use, for technology, we'd use for infrastructure only. For instance, scribe cable, those kind of things that last a long time," he said.
The board recorded no roll‑call counts in the public discussion beyond the chair’s announcement that the motion carried unanimously.
