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MSD Wabash County Schools board approves lease amendment and bond-related appropriations to fund renovations
Summary
Board approved a package of resolutions allowing a lease-amended bond financing, sale of specified real estate to a building corporation, appropriation of bond proceeds into a construction account, contract-signing authority and continuing-disclosure commitments for planned renovations at Southwood schools.
The MSD Wabash County Schools board voted unanimously to adopt a set of resolutions that clear the way for bond-financed renovations at Southwood Elementary and Southwood Junior-Senior High School.
Travis, a district staff member who presented the financing plan, described the action as "the final steps of approving the issuance of the bonds" and said the amendment will increase the lease rental so bond principal and interest can be paid from lease payments. The board then approved a resolution to authorize execution of the amendment to the lease and the sale of specified district real estate to the building corporation to support the project.
The board also approved an additional-appropriation resolution to place any proceeds from the sale into the district's construction account and a resolution authorizing signature authority on construction bids and contracts that may be assigned to the building corporation for payment. Finally, the board adopted a resolution executing the fifth supplement to the district's continuing-disclosure undertaking to satisfy SEC requirements for public bond issuance.
Chair put each measure to a voice vote; members responded, "Aye," and the motions passed. The board did not record individual roll-call tallies in the transcript. The resolutions together enable the district to proceed to bond closing and the planned construction and renovation work.
