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Saginaw board approves $10 million transfer to bond reserve to complete 2020 projects
Summary
The Saginaw Board of Education approved moving $10,000,000 from the General Fund to the Bond Reserve Fund to complete Bond 2020 projects, passing a motion by voice vote, 5–0. The transfer was removed from the consent agenda for separate consideration.
The Saginaw School District of the City of Board of Education voted to transfer $10,000,000 from the General Fund fund balance to the Bond Reserve Fund to complete Bond 2020 projects. The board approved the transfer by voice vote with five ayes and zero nays.
The bond transfer was listed as item G on the consent agenda but was excepted for separate action; a motion to except the item was moved and supported and then carried. The consent packet described the transfer as intended to complete outstanding work under the district’s Bond 2020 program.
The action was recorded in the minutes as: "Approve to move $10,000,000 of the General Fund fund balance to the Bond Reserve Fund to complete the Bond 2020 projects." No individual roll-call votes were recorded in the minutes beyond the 5–0 voice tally. The board did not attach additional restrictions or a revised timeline for use of the transferred funds in the meeting minutes.
The board will continue oversight of bond-project completion through its Buildings and Grounds Committee and future board reports.
