Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
Board reads resolution to contract with finance corporation; considers up to $10 million in school building bonds
Summary
The Rockcastle County Board of Education read a resolution to enter into a lease and financing agreement with the Rockcastle County School District Finance Corporation that contemplates issuing school building revenue bonds not to exceed $10,000,000; the transcript records the reading and a recess to the finance corporation meeting but does not show a final vote on bond issuance.
The Board of Education of Rockcastle County on the agenda read a resolution authorizing execution of a lease agreement and related instruments with the Rockcastle County School District Finance Corporation and discussed possible issuance of school building revenue bonds not to exceed $10,000,000 under provisions cited from the Kentucky Revised Statutes.
Chair read the resolution aloud, saying in part, “Resolution of the Board of Education of Rockcastle County, Kentucky authorized in approving the execution of a lease agreement with the Rockcastle County School District Finance Corporation and any further necessary instruments, approving certain architects' plans for the construction of a certain school building project, and approving the plan of financing the cost of said project.” The chair then moved to recess the board meeting to convene the Finance Corporation meeting so the corporation could confirm officers and consider the financing resolution.
The meeting proceeded into the Rockcastle County School District Finance Corporation session and the chair called that meeting to order and began confirmation of corporation officers. The transcript documents the reading and the recess to the finance corporation meeting but does not record a final board vote adopting the bond resolution or the precise vote tally on issuance. Because the transcript does not include a vote outcome on bond issuance, no final approval is reported in the meeting record provided.
Next steps recorded in the transcript: the finance corporation confirmed officers and considered the financing resolution; the transcript does not show a subsequent board action to adopt final financing documents during the captured segments. The district did cite the statutory authority by reference to the Kentucky Revised Statutes during the reading.
If and when the board takes a formal approving vote on the bond resolution, that vote and the final financing terms (including any downward adjustments to principal amount and interest terms) will be part of the official minutes and financing documents.
