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Board approves short-term $422,000 lease-purchase resolution and related certificate purchase agreement
Summary
The Deming Public Schools Board approved a short-term $422,000 lease-purchase resolution and a related certificate purchase agreement to complete an educational-technology financing tied to a July 29 sale. The board voted unanimously to authorize the overnight transaction and open the certificate process.
The Deming Public Schools Board of Education voted unanimously to approve a resolution authorizing a lease-purchase agreement for $422,000 and to approve the related certificate purchase agreement that will complete financing for recently sold educational-technology equipment.
Ms. Boone, who presented the resolution, said the arrangement is an overnight transaction: "As Kaylee mentioned, it is for an amount of $422,000, and it will be an overnight. So a very quick turnaround on, the repayment of it. You'll see the the date that it'll be issued, September 9, and it will be paid on September 10." Board members moved to approve the resolution and then to accept the certificate purchase agreement; both motions passed on roll-call votes.
Board members were shown the ET sale results (reported by staff member Kaylee) and the packet exhibit that contains the certificate with the State Treasurer's Office. The board asked no substantive changes and directed staff to proceed so the district can complete the financing and open the certificates tied to the July 29 ET sale.
