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Board authorizes defeasance and partial refunding of 2020 taxable bonds
Summary
Tom Bean ISD trustees approved an order authorizing defeasance and redemption of a portion of the district's Unlimited Tax Refunding Bonds, Taxable Series 2020, and levied an ad valorem tax to provide for the defeasance; vote was 6–0 with one absent.
The board voted to authorize defeasance and partial redemption of Tom Bean Independent School District Unlimited Tax Refunding Bonds, Taxable Series 2020, during fiscal year 2026 and to levy an ad valorem tax to provide for the defeasance.
Trustee Steve Rogers moved adoption of an order authorizing defeasance and redemption of a portion of the Series 2020 taxable refunding bonds; Trustee Shawna Merriman seconded. The motion passed 6 in favor, 0 opposed, 1 absent. The minutes record the motion language and the board's unanimous vote among those present but do not include the dollar amounts to be defeased, the schedule of refunding, or the financial adviser/provider handling the transaction.
The action authorizes the district to set aside funds or purchase securities sufficient to pay principal and interest on the bonds being defeased and to levy ad valorem taxes as required; the minutes record the board's authorization but defer implementation details to later staff action or documentation.
