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Board approves up to $25 million in refunding bonds to lower debt service
Summary
Trustees unanimously approved Resolution R-25-40 to authorize issuance and sale of up to $25,000,000 in General Obligation refunding bonds to refinance outstanding district debt, with staff authorized to finalize sale and related documents.
Deputy Superintendent Dr. Joshua Randall introduced Khushroo Gheyara of CFW, who presented Resolution R-25-40 authorizing the issuance and sale of 2025 General Obligation refunding bonds in an aggregate principal amount not to exceed $25,000,000 to refinance outstanding district bonds. Presenters told the Board the refunding is expected to generate debt-service savings for district taxpayers; related documents noted in the presentation included a Bond Purchase Agreement, an Escrow Agreement and a Preliminary Official Statement.
The motion to approve Resolution R-25-40 was made by Mrs. Weinstein, seconded by Mrs. Jellings, and passed 5-0 by voice vote. The resolution delegates authority to District staff to finalize the sale and delivery of the refunding bonds and to execute the associated documents described during the presentation.
