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Board reviews resolution to defease part of 2018 school improvement bonds; key figures disclosed
Summary
A resolution presented May 20 would transfer district funds into an escrow with Associated Trust Company to defease portions of the 2018 General Obligation School Building and Improvement Bonds, applying funds to $1.5M of the 2028 maturity, $1.41M of the 2033 maturity and remaining 2034 amounts with an April 1, 2027 early redemption date; the transcript shows the resolution text but does not include a recorded vote in the provided excerpt.
The board reviewed a detailed resolution proposing the transfer of available district funds into an escrow account to defease specified maturities of the District's General Obligation School Building and Improvement Bonds, Series 2018. The resolution names Associated Trust Company, National Association as the proposed escrow agent and describes applying funds plus earnings to pay principal and interest on $1,500,000 of the 2028 maturity, $1,410,000 of the 2033 maturity and the remaining outstanding portion of the 2034 maturity, with a target early redemption date of April 1, 2027.
The minutes contain the full resolution language and the maturities and dollar amounts noted above. The transcript excerpt does not include an explicit roll-call vote for this specific agenda item in the supplied segments; the record therefore describes the resolution text and proposed plan but does not show whether a final vote was taken within the excerpt provided.
