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Finance staff reports sale of first permanent bond from 2023 referendum, $3 million premium and Bank of America winning bid
Summary
At the June 12 finance committee meeting staff said the district delivered its first permanent bond from the 2023 referendum (cash wired May 29), reported a $3 million bond premium, and said Bank of America won the sale with a 4.068% true interest cost; staff previewed a $30 million 8% bond resolution for the June 24 board meeting.
Finance staff told the committee June 12 that the district closed its first permanent bond issuance tied to the 2023 referendum and wired the proceeds to the county treasurer on May 29.
The presenter said Bank of America submitted the winning bid with a reported 4.068% true interest cost and that the district realized a $3,000,000 bond premium on the sale. Staff said proceeds are available for the projects approved in the referendum and noted the board has discretion about how to apply premiums that are not required to be spent on the exact originally listed line items.
Staff also previewed a forthcoming resolution tied to an 8% bond issue (approximately $30,000,000) that is expected on the June 24 full board agenda and said the bond counsel will present details at that meeting. Finance staff emphasized ongoing cash‑flow monitoring, coordination with the county treasurer and that some pre‑issued expenses (for example HVAC replacements) may be reimbursed from bond proceeds after appropriate documentation.
No committee vote was required on the bond update because staff presented it as an informational briefing for the committee.
