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Board approves Plan of Finance and reimbursement resolution for maintenance tax notes
Summary
Trustees recommended approval of a Plan of Finance for Maintenance Tax Notes and approved a resolution declaring expectation to reimburse expenditures with future debt proceeds; both motions passed unanimously on May 26.
Trustees voted to recommend approval of a Plan of Finance for Maintenance Tax Notes and approved a companion resolution to declare the expectation to reimburse expenditures with proceeds of future debt. Trustee Natividad Sosa moved the Plan of Finance recommendation, seconded by Jerry Zamora; the motion passed 6–0 with one absent. The reimbursement resolution was moved by Sosa and seconded by Abby Reyna and likewise passed 6–0 with one absent.
The motions establish steps for the district to issue maintenance tax notes to finance capital expenditures and to ensure certain previously incurred expenditures may be reimbursed from bond or note proceeds when that debt is issued. The minutes record the board’s votes but do not list the principal amount, interest terms or timetable for issuance; those details will be finalized by staff and bond counsel.
