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Board authorizes bond sale resolution after May 6 approval; first series $14.5M
Summary
Following a May 6 voter approval (62% yes), the board adopted a resolution to authorize issuance of school building and site bonds with aggregate authority up to $29 million and a first series of $14.5 million; Huntington Securities was named as underwriter.
Board members reviewed and adopted a bond sale resolution authorizing issuances tied to the district's voter‑approved bond. The resolution's preamble stated that on 05/06/2025 the qualified electors voted in favor of bonding the issuer for proceeds "not to exceed $24,000,000," and that the board would issue bonds with an aggregate principal amount not to exceed $29,000,000. The board's materials named Huntington Securities (Huntington Capital Markets) as the proposed underwriter and stated the first series would be $14,500,000 to keep the transaction consistent with a non‑tax‑rate increase approach.
A board member explained the series split is a financial decision to maintain no tax rate increase and that the second series would be issued one to two years later. The motion to approve the bond sale resolution was moved and seconded and approved by voice vote. The board noted the full resolution is available as a public 19‑page document on the district website and that attorneys had reviewed the document.
