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County outlines bond timetable for $109M in school projects and details year-end CIP and school budget amendments
Summary
Staff detailed June–August bond financing steps for roughly $109 million in school projects, use of the Economic Development Authority as a conduit for revenue bonds for facility modernization, and consent-agenda FY2026 CIP reallocations including a $4.4 million county contribution to Falling Creek Middle School field work and $1.6 million in school grants.
County finance staff gave board members a timetable for bond financing tied to the FY2027 budget and summarized several year-end budget amendments on the consent agenda.
Staff said rating-agency meetings are planned in June, the county will price school bonds in July and anticipates closing the school package on Aug. 13. The school financing package referenced by staff totals about $109 million to support a major maintenance package approved in the FY2027 budget.
Staff also explained the county will sell an additional revenue-bond package through the Economic Development Authority to finance facility modernization projects; staff emphasized the EDA is a conduit under state code and that on paper the bonds are EDA bonds but are being used to facilitate county and school facility work.
On the consent agenda, staff said FY2026 CIP amendments would deploy roughly $3.7 million in reallocated project balances (largely from bond interest earned on previously issued debt) rather than new general-fund appropriations. Staff also described CCPS amendments including a county contribution of about $4.4 million for Falling Creek Middle School fields, $2 million in identified school project savings, and $1.6 million in school improvement grants with no local match.
Staff said they may bring a reimbursement resolution in June to allow the county to reimburse certain expenditures from bond proceeds if eligible under the look-back rules; staff described that as a standard tool to avoid slowing active projects.
Next steps: staff will return to the board in June with authorizing resolutions for GO and revenue bonds, and with related materials for the consent agenda items.
