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Board begins process to issue up to $13 million in working-cash bonds to support capital needs
Summary
The board introduced and approved a resolution of intent to issue up to $13 million in non-referendum working-cash fund bonds to support capital projects and preserve financial position; a representative from Chapman and Cutler attended to advise the board.
The board voted to begin the multi-step process to issue up to $13,000,000 in non-referendum working-cash fund bonds to increase the district's working cash and help finance capital projects. Staff said the issuance is similar to past practice and would help preserve the district's financial position while addressing outstanding ECC-related obligations (staff noted nearly $10,000,000 still owed on the Early Childhood Center project).
A representative from Chapman and Cutler (identified in the transcript as Angelie Vich) attended to answer procedural questions; staff emphasized the process takes several board meetings and includes required public notices. Board members asked clarifying questions; the motion to introduce the resolution and publish legal notice moved forward and was recorded with roll-call votes in favor.
