Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Issuance topic
No spam. Unsubscribe anytime.
School board approves bond package, facility contracts and sale of Prosser house
Summary
The board approved a combined lease/bond package to fund middle-school projects (about $75 million), voted to accept several facility contracts and equipment replacements, and approved sale of the Prosser house for $349,900.
The New Albany-Floyd County school board on March 9 approved a package of resolutions to authorize a third amendment to a lease, assign design-build contracts to the Building Corporation, enter a sixth supplement to its continuing-disclosure undertaking and issue bond anticipation notes to finance projects at Highland Hills and Scribner middle schools.
District counsel Chris Street described the financing mechanics: the Building Corporation will hold bond proceeds and receive levy-funded lease payments that will be used to pay bondholders. "We should probably be going to market later this week," Street said, adding that the district’s S&P rating was unchanged from prior issuances and that bond proceeds should arrive with the trustee bank in April.
Trustees voted to adopt the related resolutions in a combined motion; the combined vote passed unanimously. The materials presented indicated the issuance amount at roughly $75 million to support the identified middle-school projects.
Separately, the board approved a consent agenda of standard business items and several facility contracts. The board voted to extend the lawn-care service agreement (an extension of an existing RFP-based contract) and approved fire alarm replacements at Hazelwood, Highland Hills and Scribner middle schools; staff said elementary and high school systems do not currently need replacement. District staff reported that the proposed fire-safety inspection services contract was roughly $60,000 less than prior costs charged by Corson Fire, and the board approved that contract in a separate vote (the fire-safety inspection services vote passed 6–1).
The board also accepted a full-price offer of $349,900 on the Prosser house and approved the sale. Staff said the offer was standard and that closing and marketing were expected to proceed so the property could be sold by mid-April.
Board members emphasized that construction work funded by the bonds will be brought forward to the board as projects in the coming months; trustees said routine disclosures required by the Securities and Exchange Commission will be filed in the EMMA repository as part of the issuance process.
Vote tallies recorded on the meeting record: combined lease/bond resolutions — passed unanimously; fire-safety inspection services — passed 6–1; Prosser house sale — passed unanimously.
