Board approves lease‑purchase agreement; district removes several casualty coverages from draft

The Apple Valley Unified School District's Public Facilities Corporation and the Board of Trustees approved companion resolutions authorizing a lease‑purchase agreement and related documents for district facilities.

During the Public Facilities Corporation meeting, staff noted a post‑posting discrepancy in the casualty/property insurance attachment and said the lender, Webster Bank, agreed to remove three coverages that had been listed incorrectly. "We did discover a discrepancy in the casualty insurance section ... [the lender] agreed to remove those coverages," Matthew Schulenberg told the board as he reviewed the amended attachment.

Board members moved and seconded the resolution and approved the action by voice vote. Trustees later considered and approved the matching Board of Trustees resolution (No. 24258) in the regular meeting.

Staff also explained that the finance documents left the interest rate blank because the rate is set at the date of close; the projected rate discussed in the meeting was about 4.67% but the official rate will be recorded at closing. The district's bond counsel and the lender negotiated the change after the packet was posted and the amended language appears in the documents before the trustees.

What the actions do: the resolutions authorize execution and delivery of the lease‑purchase agreement and related instruments, and direct district staff to finalize and execute the transaction upon closing. Trustees heard the corrected language and voted to approve execution of the amended documents.