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Wimberley ISD board approves resolution to reimburse prior expenditures from future bond proceeds
Summary
Trustees approved a resolution stating the district's intent to reimburse prior lawful expenditures for school improvements from proceeds of obligations to be issued in the future; the motion passed unanimously.
The Wimberley ISD Board of Trustees on May 19 approved a resolution declaring the district’s intent to reimburse prior lawful expenditures for school improvements from the proceeds of future obligations. The action is a common procedural step when a district plans to finance projects with bond proceeds.
"Motion to approve of a resolution relating to establishing the Wimberley independent school district's intention to reimburse itself for the prior lawful expenditure of funds relating to constructing various school district improvements from the proceeds of obligations to be issued by the district for authorized purposes; authorizing other matters incident and related thereto; and providing an effective date," was recorded as moved by Ken Strange and seconded by Lexi Jones. The motion passed Yea: 7, Nay: 0.
Board members did not vote on a specific bond amount at the meeting; the resolution preserves the district’s ability to reimburse eligible prior expenditures from later bond proceeds if and when bonds are issued.
