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Board hears proposal for $995,000 general-obligation bond; consultant estimates $870,000 net proceeds
Summary
During a special meeting Oct. 6, 2025, a Baker Tilling consultant told the Smith-Green board a proposed $995,000 G.O. bond fits within the district's capacity and could yield roughly $870,000 in project proceeds, with estimated interest costs near $94,000 and a likely mid-November bond-bank submission deadline.
At a special meeting following the public hearing, the board heard a presentation from Megan of Baker Tilling on preliminary structure and timing for a proposed $995,000 general-obligation bond.
Megan said the district's debt limit calculation produced capacity of roughly $2,900,000 after subtracting outstanding principal on prior general-obligation bonds. "So the proposed bond that you were discussing this evening would be for 995,000. So that fits well within, that capacity," she said. Megan explained that after issuance costs she expected "about 870,000 of project proceeds would be available." She also estimated interest costs "around $94,000" based on recent rates.
Megan described a repayment schedule structured to repay just over five years with a resolution-allowed maximum of seven years, and cautioned that the district's assessed value projections affect levy needs: if assessed value drops, the debt-service tax rate could rise. She said the board would need to send a final amortization schedule to the bond bank at its mid-November meeting; after that submission the repayment schedule is effectively locked in.
Board discussion focused on options for amortization and timing of projects; the board did not take formal action on the bond in this meeting.
