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Board approves defeasance and escrow agreement for portion of district bonds
Summary
Trustees approved an order authorizing defeasance and redemption of a portion of the district's unlimited tax bonds and authorized an escrow agreement; motion passed with unanimous support of members present.
The Nacogdoches ISD Board authorized the defeasance and redemption of a portion of the district's outstanding unlimited tax bonds at its Sept. 12 meeting and approved an escrow agreement and related instruments. The motion was made by Mindy Winslow and seconded by Rev. James Ervin and passed by the board without opposition.
President Farshid Niroumand reported no additional action was taken following the executive session. The board's approval authorizes the business office to execute the escrow agreement and related documents needed to carry out the defeasance and redemption as described in the motion presented by Chief Financial Officer Ben Eberlan.
