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Salt Creek SD 48 holds bond hearing; minutes record resolution for up to $48M in school bonds
Summary
At a Jan. 16 public hearing the board reviewed parameters to issue up to $48 million in general obligation bonds tied to the Nov. 5, 2024 referendum; the minutes include the full resolution text and an estimated total debt service of $81.7 million.
The Salt Creek School District 48 Board of Education held the statutorily required public hearing on Jan. 16, 2025, concerning issuance of not-to-exceed $48,000,000 general obligation school bonds approved by referendum on Nov. 5, 2024. The hearing record and the resolution text outline permitted uses authorized by the referendum, including safety and security improvements, ADA accessibility upgrades, classroom additions and replacement of the Albright Middle School gymnasium.
The resolution materials presented detailed bond sale parameters, maturity schedules and a direct annual ad valorem tax levy pledged to pay principal and interest. A public notice included an estimated total debt service of $81,700,000 and an illustrative average annual property tax of $133 on a single‑family residence with a $100,000 fair‑market value (without exemptions). The minutes include the resolution text and state the resolution was adopted on Jan. 16, 2025; the record provides the public‑hearing notices and the bond parameters but does not show a detailed roll‑call vote summary for the resolution in the body text provided.
Administration and legal counsel summarized the Bond Issue Notification Act compliance steps, and materials identify Raymond James as a potential purchaser/placement agent and provide terms and conditions for sale. The minutes and attached resolution document the district’s finding that voters previously approved the project and specify that bond proceeds are to be used only for the projects approved by the referendum.
