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Seguin ISD board adopts resolution to defease certain outstanding obligations
Summary
At a special meeting Aug. 14, 2024, the Seguin ISD Board of Trustees unanimously approved a resolution to defease and call for redemption of certain outstanding district obligations, delegating execution of an escrow agreement and related authorities to district officials.
At a special meeting on Aug. 14, 2024, the Seguin Independent School District Board of Trustees adopted a resolution authorizing the defeasance and redemption of certain currently outstanding district obligations. Trustee Carl Jenkins moved to adopt the resolution; Trustee Denise Crettenden seconded the motion. The motion passed unanimously (Ayes: Amador, Crettenden, Duncan, Guerra, Jenkins and Mueller; Nays: None).
The minutes state the resolution directs the board secretary or a designee to effectuate redemption of the identified obligations and authorizes execution of an escrow agreement. The board noted the defeasance would extinguish the district’s payment obligations with respect to the identified obligations at the time of defeasance and delegates authority to district officials and staff to carry out the steps described in the resolution. Current estimates of principal for the obligations were disclosed in the resolution packet; the minutes state the final amount would be known in the spring of 2024.
The action becomes part of the district’s financial management of long-term debt; the board’s unanimous vote concluded the agenda item without additional public comment or amendment.
