Board authorizes up to $40 million in CFD special‑tax bonds for district facilities

The Sulphur Springs Union School District Board of Trustees voted unanimously on Sept. 25 to approve Resolution R‑24‑56, authorizing Community Facilities District No. 2019‑1 to issue not‑to‑exceed $40,000,000 in Special Tax Bonds. The resolution also approved related financing documents, including a Fiscal Agent Agreement, a Bond Purchase Agreement, and a Preliminary Official Statement with a Continuing Disclosure Agreement. The motion to approve was made by Trustee Denis DeFigueiredo and seconded by Trustee Shelley Weinstein; the vote was 4‑0 with Trustee Paola Jellings absent.

Khushroo Gheyara, Executive Vice President of Caldwell Flores Winters, Inc., told the board the bond proceeds would be used "for purposes including acquisition, improvement, and equipping of certain School District Facilities, funding a reserve account for the Bonds, paying for capitalized interest on the Bonds, if necessary, and paying costs associated with the issuance and delivery of the Bonds." The board also approved a professional consulting contract with CFW Advisory Services, LLC, to assist the district in establishing the bond program and issuing municipal securities as requested by board and staff.

The approved financing documents are standard for public offerings of CFD special tax bonds and establish the roles of the fiscal agent, underwriter, and disclosure obligations for investors. District staff said proceeds will support district facility projects tied to the CFD; no specific project allocation beyond general categories was presented during the meeting.