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Board moves forward on ELC roof refunding bonds; presenters say it could save $300,000
Summary
Board heard a presentation from ICS and Ehlers on issuing refunding bonds to cover remaining Early Learning Center roof repairs; presenters said the refunding would save a projected $300,000 in taxpayer funding and the board authorized related documents, with final action scheduled for April 8 once rates are known.
Pat (ICS) and Greg (Ehlers) presented via Zoom a plan to issue refunding bonds to cover the remaining repairs to the Early Learning Center (ELC) roof. Presenters said the refunding would "save a projected $300,000 in taxpayer funding." The board approved informational and authorization items and an ICS contract amendment, with the understanding that the board will take any further action at the April 8 meeting after market rates are known.
The minutes record that the refunding is expected to neutralize taxpayer impact because proceeds will refund 2015 bonds; the board was presented with an official intent/reimbursement resolution, a revised 10-year LTFM plan, a presale report and related documents. Member Hennkelman made the motion to approve the action and Member Ronning seconded; related contract amendment motions were also approved as recorded in the minutes.
