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Board hears plan for general obligation bond to fund capital projects
Summary
A district financial adviser outlined a proposed general obligation bond that would generate about $2.9 million for capital projects; a motion was made to approve up to $6 million but the transcript does not record a final vote outcome.
The board heard a presentation from Bob Damron of Compass Municipal Advisors on a proposed general obligation bond intended to fund capital, maintenance and technology needs across the district.
Damron said the bond would pay upcoming debt service and "generate about $2,900,000 for various capital projects around the school district." He told board members the district has maintained a 44-mill debt service rate and that no millage increase is expected for this issuance. Damron also said the outstanding installment purchase revenue bond will be paid off in 2031 and that after this issuance the district would have about five payments remaining on that instrument.
Damron cited specific payment figures for the issuance: a fall payment of $1,446,903.13 and a spring payment of $119,005.28. He explained these installment purchase revenue bonds are secured by a lien on buildings and said the legal structure allows certain insurance costs to be paid through debt service rather than general fund dollars.
A board member moved to approve the administration's recommendation to issue general obligation bonds not to exceed $6,000,000; the motion was seconded. The transcript records the motion and second but does not include a roll-call or final vote tally on the bond within the provided segments. Damron said that, "with the adoption of the resolution tonight," the district would proceed to market within about three weeks and competitively bid the bonds, taking the best available bid.
