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Board details bond terms and orders tax levy to fund debt service
Summary
The resolution specifies $790,000 in bonds dated Jan. 1, 2026 with four maturities at 4.75% interest, payment dates semiannually beginning July 1, 2027, and orders an annual sinking-fund tax beginning 2026-27 to pay interest and principal.
The district's resolution sets bond maturities of $160,000 due Jan. 1, 2028, and three maturities of $210,000 due Jan. 1 in 2029, 2030 and 2031, each carrying an interest rate of 4.75 percent and payable semiannually on Jan. 1 and July 1, beginning July 1, 2027. Bonds are issuable as registered bonds in denominations of $1,000 or multiples thereof.
The board ordered that "beginning in the year 2026-27, a continuing annual tax sufficient to pay the interest on said Bonds when due and for the purpose of providing a sinking fund with which to pay the principal of said Bonds when due shall be and is hereby ordered levied upon all taxable property of said School District." The resolution requires the tax proceeds to be placed in a sinking fund designated "General Obligation Combined Purpose Bonds of 2026 Sinking Fund" and irrevocably pledged to payment of interest and principal.
