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Taos board approves initial step on $5.5M education-technology financing note
Summary
The Taos Municipal Schools board voted June 24 to approve an initial resolution to issue an education-technology note not to exceed $5.5 million and set a 3–4 week window for final pricing and sale proposals from lenders.
The Taos Municipal Schools board on June 24 approved a resolution to move forward with an education-technology note, a form of short-term financing intended to pay for digital devices and related equipment, not to exceed $5.5 million. The board set a meeting in three to four weeks for final pricing and formal approval.
The measure was introduced by Nick Kaine of Stifel Public Finance, who described the note as similar in repayment pledge to the district's general-obligation bonds but not subject to a voter referendum. "The education technology note does not go in front of the voters," Kaine said, explaining the proposal uses property-tax values as the repayment pledge and is intended to give flexibility to distribute proceeds among charter and district schools.
Superintendent Dr. Antonio Leighton and Director of Finance Dr. Reneer Martins told the board a project list previously presented totals about $5.4 million; the resolution rounds that figure to $5.5 million to cover issuance costs. Kaine said staff will solicit proposals from local banks and return with pricing; the board will meet no earlier than three weeks and no later than four weeks to finalize the sale.
Board members asked whether charter schools would share in the proceeds. Bond counsel Katherine McKenna and Dr. Martins said charters located inside the district boundary are required to participate and that proceeds are prorated by enrollment on the first reporting day, per the statute cited by counsel.
A motion to approve the initial resolution passed on a roll call with Board member Koncha, Board member King and Vice President Spray recorded as voting in the affirmative. The board did not set a final purchase price; that will be determined at the subsequent meeting after bank proposals are received.
The next procedural step: district staff and Stifel will solicit lender proposals, announce them to the board, and return for a final vote to fix pricing and close the note within the four-week window.
