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Board authorizes extension of standby bond purchase agreement for 2006 variable‑rate bonds
Summary
Trustees approved a 12‑month extension and amendment to the standby bond purchase agreement related to Rockwall ISD's $32 million 2006 variable‑rate unlimited tax school building bonds (Series 2006); administration said state law requires a standby bank and the extension is routine.
Administration briefed the board on Rockwall ISD's variable‑rate unlimited tax school building bonds issued in 2006 (Series 2006), stating the district originally issued $32 million and that state law requires a standby bank agreement for remarketed variable‑rate bonds. Mr. Carter recommended approving a 12‑month extension and amendments to the existing standby bond purchase agreement; trustees moved and approved the extension in open session.
When asked how much longer the district owes on the bonds, Mr. Carter said he did not have the exact payoff date on hand but believed the bonds were 30‑year and therefore mature around 2036; he offered to provide the precise information to the asking trustee. The action was presented as routine debt management and the board approved the extension.
