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Board adds and approves resolution authorizing up to $17M in school bonds to fund projects
Summary
The Clark County Board of Education added a resolution to its agenda and voted to authorize the issuance of general obligation bonds (series 2026), describing up to $17 million in principal to fund district school projects and related fund and tax provisions; board members were briefed on timing and estimated terms.
The Clark County Board of Education voted to authorize the issuance of general obligation bonds for school projects after adding the item to the agenda at Monday’s meeting.
Board members discussed a resolution that would allow the district to issue series 2026 bonds in a principal amount not to exceed $17 million, subject to adjustments determined to be in the board’s best interest. The resolution cites Kentucky statutory authority (KRS 66.011–66.191 and KRS 160.160) and includes provisions to establish funds for collection of a direct annual tax on taxable property within the district, authorize disbursement and investment of proceeds (citing KRS 66.480), and delegate certain administrative determinations to the board secretary.
“We will have a ratings call Monday and aim to sell bonds in June,” bond advisor R.J. Palmer told the board, describing the financing as 20-year notes with an estimated interest rate of about 4.3 percent and an estimated issuance amount presented to the board as roughly $15.9 million in current planning materials.
Board members moved and seconded the resolution after the item was added earlier in the meeting; the voice vote on the bond resolution was recorded in the meeting transcript in favor. The board was told the district will continue to work with Bond Oversight and the district’s finance officer on timing and pricing.
The resolution’s text and the board briefing included statutory citations repeated from the motion language: KRS 66.011–66.191, KRS 160.160 and KRS 66.480. The district indicated the bonds’ proceeds will be used for public school projects identified in the resolution and for establishing funds to collect the tax necessary to service the bonds.
The board’s action authorizes staff to complete the documents and take the administrative steps necessary for issuance; district officials said they expect to return with final sale timing and pricing once the ratings call is completed.
