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Spearman ISD adopts resolution to consider defeasing up to $200,000 of outstanding bonds
Summary
The board adopted a resolution expressing its intent to defease and redeem up to $200,000 of outstanding unlimited tax bonds (approximately $2.84 million outstanding), directing staff to identify candidate bonds; the motion passed 7-0.
The Spearman ISD Board adopted a resolution Aug. 26 expressing its present intent to defease and redeem certain outstanding unlimited tax bond obligations in an amount not to exceed $200,000 during the fiscal year beginning Sept. 1, 2024. The resolution states the district has approximately $2,840,000 of outstanding unlimited tax bonds and lists potential reasons for defeasance including increasing capacity for future debt service and reducing future interest obligations. The motion was made by Trustee Dustin Mackie and seconded by Trustee Stephen Batton and carried 7-0.
The resolution directs the superintendent, the business manager and other designated employees to identify bonds as candidates for redemption prior to maturity and reserves the board's right to decline defeasance if the board determines funds are better used for regularly scheduled debt service, refunding contributions, or reducing future tax levies. The transcript includes the full resolution text as Exhibit A; the transcript does not record that the board finalized specific bonds or provided a schedule of defeasance.
