Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonds topic
No spam. Unsubscribe anytime.
Alma School District board authorizes $3 million second‑lien bond sale
Summary
The Alma School District board voted to authorize issuance of $3 million in second‑lien bonds after hearing a presentation from financial advisor Stephens; the low bid from Crews and Company came at roughly 3.332916% and the district’s net proceeds were estimated at about $2.92 million.
The Alma School District board voted May 14 to authorize the issuance and delivery of $3 million in second‑lien bonds following a presentation from Kevin Faught of Stephens. Faught told the board the district rebid the offering after a prior bid irregularity and received six bids, with the low bid from Crews and Company of Little Rock at roughly 3.332916 percent.
Faught said the rebid produced modest savings over the life of the bonds—about $36,000—and that net proceeds to the district after fees and premiums would be a little more than $2.92 million. He walked the board through the proceeds breakdown, including bond counsel and rating‑agency fees, and discussed the August 1, 2028 call date and options for advance refunding.
A board member moved to adopt the resolution authorizing the issuance; after a brief clerical question about a mistaken county name on a printed page, the motion was seconded, board members answered 'Aye' and the motion carried with no opposition recorded. Signatures were taken following the vote.
The board did not record an individual roll‑call vote or list names for the motion and second in the public transcript. Stephens advised the board that bonds could be advance‑refunded in certain windows but that doing so earlier than the call date would likely require taxable refinancing. The board authorized staff to proceed with the issuance under the terms presented.
