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Forest Hills Board authorizes up to $190 million in school-building bonds
Summary
The board adopted a resolution authorizing issuance of the first series of 2025 School Building and Site Bonds, Series I, for up to $190 million to fund projects from a previously approved $340 million authorization; parameters include maximum 6% true interest cost and maximum 21-year term.
The Forest Hills Board of Education on Dec. 16, 2024 adopted a resolution (Ref. No. 24-12/16-A) authorizing issuance of the first series of bonds aggregating up to $190,000,000 (to be designated 2025 School Building and Site Bonds, Series I) to fund remodeling, additions, technology, buses, athletic facilities and site improvements. The preamble notes voters approved a $340,000,000 authorization on Nov. 7, 2023; the board voted 7-0 to issue a portion of that authorization now.
The resolution names Stifel, Nicolaus & Company, Incorporated as senior managing underwriter, requires Department of Treasury approval under Act 34 if applicable, and sets sale parameters: underwriter discount not to exceed $7.50 per $1,000 (0.75%), a true interest cost not to exceed 6%, and a maximum bond term of 21 years. The resolution creates a 2025 Bond Debt Retirement Fund for levy proceeds and permits an advance payment from the General Fund to be reimbursed from bond proceeds per the timelines described in the resolution.
