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Board seeks clarity on bond fund timing and allowable uses
Summary
Board Chair Jay Trost asked whether interest on bond proceeds could be used for non-bond purposes and board members asked staff to clarify timing for receipt of bond proceeds and the state matching grant. Staff members said additional clarification of grant timing and legal constraints was needed.
During the information meeting, Chair Jay Trost asked whether interest generated by bond proceeds could be used for non-bond purposes; board members recorded that the question required legal and fiscal review. "Chair Jay Trost asked whether interest generated by bond proceeds could be used for non-bond purposes," the minutes state, and board members asked staff to investigate the permissibility.
District staff indicated that additional clarification was needed about the timing of matching grant funds. "Dede Corpening responded that additional clarification was needed regarding the timing of the Oregon School Capital Improvement Matching grant funds," and Board Member Alan Nidiffer added that, practically, "bonds take time to sell and proceeds are typically received over time rather than immediately." The board did not resolve those questions at the meeting and directed staff to return with specific legal and fiscal guidance.
