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School board approves not-to-exceed $24 million general obligation bond resolution
Summary
The Kershaw County School Board authorized a not-to-exceed $24 million general obligation bond issuance to cover installment purchase revenue bonds and short-term capital needs; trustees said the short-term issuance will not affect debt-service millage.
The Kershaw County School Board on June 2 approved a resolution authorizing an annual general obligation bond issuance with a not-to-exceed amount of $24 million to cover installment purchase revenue bonds and short-term deferred capital needs.
Administration explained these issuances are intended to manage short-term debt obligations tied to prior installment-purchase revenue bonds and to provide some annual maintenance funding for deferred capital needs. Presenters emphasized the issuances are short-term (repaid in less than a year), will be handled through debt service and do not affect the district's debt-service millage or its 8% borrowing capacity.
The board moved for adoption of the resolution; Coach Blackman made the motion, Miss Ronlet seconded, and the measure passed unanimously.
The resolution sets a not-to-exceed authorization to allow the district to finalize an issuance in the coming months; administration said the actual amount is expected to be less than the $24 million cap proposed.
