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Board approves $500,000 redemption resolution for 2014 school bond
Summary
Trustees approved a resolution to make an additional $500,000 principal payment on the Unlimited Tax School Building Bonds, Series 2014 (elementary bond) on Feb. 15, 2025, funded from a surplus in the Interest & Sinking Fund and included in the FY24–25 I&S budget.
Assistant Superintendent LeighAnn Goodwin explained the board was being asked to approve a redemption resolution to make an additional $500,000 principal payment on Feb. 15, 2025 toward the Feb. 15, 2034 Unlimited Tax School Building Bonds, Series 2014 (elementary bond). Goodwin said the extra payment is possible because of a surplus in the district’s Interest & Sinking Fund and that the payment is included in the FY24–25 I&S budget; the board approved the resolution (motion by Linda Maxwell, seconded by Cheyenne Kizer).
The minutes note this resolution is the second document required in the defeasance/redeeming process; the board had earlier approved a related resolution on Aug. 27, 2024 that expressed the district’s intent to defease and redeem $500,000 of bonded indebtedness. Trustees voted unanimously to adopt the redemption resolution at the Nov. 18 meeting.
