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Tom Bean ISD board adopts defeasance order to refund portion of 2020 bonds
Summary
Trustees unanimously adopted an order authorizing defeasance and redemption of part of the district's Unlimited Tax Refunding Bonds, Taxable Series 2020, and levied an ad valorem tax to provide for the defeasance.
During the Aug. 26 special meeting, the Tom Bean ISD Board of Trustees voted 7–0 to adopt an order authorizing the defeasance and redemption of a portion of the district's Unlimited Tax Refunding Bonds, Taxable Series 2020.
Board member James Hamilton moved that the board adopt the order, which also levies an ad valorem tax to provide for the defeasance and directs related actions; Beth Hale seconded the motion. The board's minutes record a unanimous vote with no recorded amendments or conditions. The minutes do not include the precise principal amount to be defeased or the proposed defeasance date; the action instructs district officials to proceed with the steps necessary to effect the refunding during fiscal year 2025.
The motion is recorded as a policy-level authorization; the minute entry does not include an attached financial exhibit or legal opinion in this record. The board will complete the administrative steps set out in the adopted order, and standard follow-up would include publishing notices and coordinating with bond counsel and paying agents to execute the defeasance and redemption.
