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Medina Valley ISD board approves $15M in bond earnings to cover interest on Series 2023 debt
Summary
At a Nov. 4 special meeting, the Medina Valley ISD Board approved using $15 million of 2023 bond investment earnings to pay interest on the Series 2023 debt. The motion passed unanimously; one trustee was recorded absent.
Medina Valley Independent School District Board President Nathan Fillinger presided over a Nov. 4, 2024 special meeting at which trustees approved using $15 million in 2023 bond investment earnings to pay interest on the district's Series 2023 debt.
Board Member Matt Castiglione made the motion '"to approve the expenditure of 2023 Bond Investment Earnings in the amount of $15 million for the payment of debt on the Series 2023 Debt Issue"; Board Member Ben Juarez seconded. According to the minutes, "All of the Board Members voted for and the Motion passed." Trustee Jennilea Campbell was recorded as absent.
The vote was taken during a meeting convened at 6:05 p.m. at the Medina Valley ISD Central Office Board Room. The minutes do not include additional discussion of alternatives or conditions attached to the expenditure.
The action directs district funds identified as investment earnings from the 2023 bond proceeds to be used for debt-service interest on the Series 2023 issue. The minutes list the motion and the unanimous outcome; no public comments were recorded during the special meeting.
