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Medina Valley ISD board authorizes up to $82 million in school building bonds
Summary
At a Nov. 4 special meeting the Medina Valley ISD Board of Trustees voted to authorize issuance of up to $82,000,000 in unlimited tax school building bonds, to levy an ad valorem tax to pay the bonds, and to delegate authority to execute related documents to board officers, the CFO or the superintendent.
The Medina Valley ISD Board of Trustees voted Nov. 4 to authorize the issuance of one or more series of the district's Unlimited Tax School Building Bonds in a maximum aggregate principal amount of $82,000,000. Trustee Blane Nash made the motion, which Trustee Matt Castiglione seconded; all six board members present voted in favor.
The order approved by the board authorizes the district to levy an ad valorem tax to pay the bonds and delegates authority to board officers, the chief financial officer or the superintendent to approve and execute documents necessary to carry out the issuance. The minutes record the full motion as an "Order Authorizing the Issuance of One or more Series of the District's Unlimited Tax School Building Bonds in the Maximum Amount of $82,000,000.00; Levying an AD Valorem Tax for the Payment Thereof; Delegating the Authority to the Board Officers, CFO or Superintendent to Approve and Execute related documents; and other matters in connection therewith."
The board made the decision during a special meeting at the district's central office board room after a presentation of the district's FY2025 financing plan. The minutes show a quorum of six trustees was present and that the motion passed unanimously among those in attendance. The order does not list implementation dates or further financing terms in the minutes; those details were not specified in the recorded text.
Next steps were not recorded in the minutes beyond delegation of execution authority; the board's official minutes were signed and show board approval on Nov. 21, 2024.
