Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Crestwood committees advance bond authorization; board to consider S&P re-rating and $7M cash timing
Summary
Committees discussed a motion authorizing bond issuance (capital-only) to finance urgent projects—sewer repairs and gym HVAC among the priorities—and noted an S&P Global re-rating engagement estimated at $21,000, typically rolled into closing costs.
A committee discussion on May 21 clarified that motion 11 would authorize a bond issuance only and would not commit the board to specific projects. A district staff member told the meeting: "It's strictly for the bond issuance itself. It doesn't commit to specific projects, but they must be capital projects."
Resident Stephanie Weber asked how the bond proceeds would be used; staff replied that the board must approve individual projects before funds are spent. Staff gave an updated timeline: if the board approves next week, the latest estimated date for cash to be available is July 8. Staff also said the district is considering hiring S&P Global to re-rate the bonds at an estimated $21,000; that cost would be part of closing costs and not paid from existing accounts.
Committee members emphasized prioritizing time-sensitive work for the summer to avoid interfering with the school year. Staff and the sewer authority recently conducted free scoping work; trustees flagged a major sewer-repair need as the top priority and said unknown underground conditions could increase costs once work begins. The gym's HVAC (noise and aging equipment from 2003) was also identified as a near-term priority along with door-safety projects and other capital needs that could use bond proceeds.
The committee moved its items to the full board agenda for a vote next week so the district can finalize procurement and scheduling planning if the bond authorization is approved.
