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Trustees authorize defeasance and escrow agreement for outstanding bonds
Summary
The board approved a motion authorizing defeasance and redemption of certain outstanding bonds, approved an escrow agreement and authorized a verification agent; the action passed unanimously.
The Reagan County ISD Board voted Aug. 11 to authorize defeasance and redemption of certain outstanding bonds, to approve and authorize execution of an escrow agreement and to engage a verification agent.
The motion, moved by Billy Hodge and seconded by Jose Yanez, carried unanimously with two trustees absent. The minutes do not enumerate the bonds affected, principal amounts, refunding schedules or the verification agent's identity. The board’s action grants staff authority to proceed with the defeasance and escrow steps recorded in the motion.
