Dexter Consolidated Schools board approves $650,000 lease-purchase for technology

The Dexter Consolidated Schools board unanimously approved a resolution authorizing a lease-purchase arrangement to finance technology purchases, a staff member said.

A staff member said, "This will be $650,000 that we can use towards technology," and added that the funds could cover devices for students as well as equipment needed by district offices. The staff member said the New Mexico Finance Authority had approved the application and that the district will use the NMFA loan to avoid pursuing a public bond rating.

The board was told the lease-purchase notes are expected to be repaid over about five years. On the interest rate, the staff member said, "And it was just over 2% was the interest." The staff member also explained the district planned to use its EdTech reserve and tax collections to repay the notes and that more specific price estimates will arrive as consultants complete the next phase of the new building project.

Board members moved and seconded the resolution and related agreements. The meeting record shows separate approvals for the resolution authorizing the lease purchase (item 3a), the lease purchase agreement itself (item 3b), and a capital projects escrow agreement (item 3c); each motion was seconded and passed unanimously.

The staff member noted the attorneys handling the transaction also provide the district's bond advising and election services and will prepare the paperwork for signatures. The meeting concluded after the board voted to adjourn.

The board did not specify a written repayment schedule or exact vendor line-item costs during the meeting; staff said those details will be determined as the new building work progresses.