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Board approves resolution to reimburse bond project costs; trustees later raise amount to $9.3 million
Summary
Ferris ISD trustees approved a resolution expressing intent to reimburse project costs from future obligations and later moved to change the reimbursement amount from $8,000,000 to $9,300,000; both actions were recorded as unanimous votes.
The Ferris ISD Board of Trustees approved a resolution expressing official intent to reimburse costs of district projects from obligations expected to be issued by the district. Trustee Richard Sasser moved the resolution and Trustee Nick Hamm seconded; the motion carried unanimously.
During the same meeting the board later amended the resolution's reimbursement figure. Trustee Richard Sasser moved to change the reimbursement amount from $8,000,000 to $9,300,000; Trustee Nick Hamm seconded the motion and it carried unanimously. The transcript records the amendment but does not include additional discussion explaining the increase.
The resolution is a preliminary financing action that allows the district to treat certain project expenditures as reimbursable from future bond or debt proceeds. The transcript does not include the specific projects to be funded by the reimbursement authority or the timing of any bond issuance.
