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Dewey board designates 2026 bonds as Qualified Tax-Exempt Obligations
Summary
The board unanimously designated the 2026 general obligation bonds as 'Qualified Tax-Exempt Obligations' under Section 265(b)(3)(B) of the Internal Revenue Code of 1986 during the Jan. 9 special session.
The Dewey Public Schools Board of Education moved Jan. 9 to designate the general obligation bonds of 2026 as "Qualified Tax-Exempt Obligations" pursuant to Section 265(b)(3)(B) of the Internal Revenue Code of 1986.
David Cleveland made the motion and Amanda Guilfoyle seconded; the board recorded unanimous support (Julie Davis, David Cleveland, Amanda Guilfoyle and Amanda Nichols voting yes). The designation is a tax-status determination intended to permit certain bank purchasers to treat the bonds under favorable rules in the Code; minutes state the section citation but do not include further legal analysis in the recorded segments.
The motion followed the award and authorization votes that completed the district's actions on the $1.41 million issue during the same session.
