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Cache Public Schools awards $4.585 million in general-obligation bonds and adopts issuance resolution
Summary
At a Feb. 5 special meeting, the Cache Public Schools board awarded $4,585,000 in General Obligation Combined Purpose Bonds to Oppenheimer & Co. at a net interest cost of 4.184000% (net cost $575,509.20) and adopted a resolution authorizing issuance and tax levy; motions passed 3-0.
The Cache Public Schools Board voted Feb. 5 to award $4,585,000 in General Obligation Combined Purpose Bonds to Oppenheimer & Co., New York, and adopted a resolution authorizing the bonds and an annual tax levy to pay principal and interest.
The board recorded the award at a net interest cost of 4.184000% with a net cost of $575,509.20. Dr. Brian Gladwell moved to award the bonds to Oppenheimer & Co.; Mitch Dorrell seconded, and the motion passed 3-0. The board then approved a companion resolution prescribing the form of the bonds, providing for registration, and directing the levy of an annual tax to pay principal and interest; that motion passed 3-0 as well.
The actions implement authority granted at a prior election allowing the district to issue general obligation combined-purpose bonds. The board’s votes were taken with three members present and two absent; the meeting record shows Mitch Dorrell, Dr. Brian Gladwell, and Nolan Watson present and Scott Messner and Brad Seaton absent.
The board’s minutes list the award and the resolution as formal, approved steps in the district’s financing process. No further details on closing dates, underwriter fees beyond the net cost figure, or how bond proceeds will be allocated among district projects were specified in the meeting record.
The special meeting adjourned at 12:30 p.m.
