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Sweet Home SD 55 authorizes bond issuance and accepts $12.25M state grant to fund facilities work
Summary
The board authorized staff to issue and sell up to $40,000,000 in voter-approved general obligation bonds for safety, CTE facilities and high-school replacement and authorized acceptance of a $12,252,000 state grant; board expects to issue bonds in December or early January.
The board approved two resolutions that together enable the district to move forward on capital improvements. The first resolution authorizes the district to issue and sell up to $40,000,000 in voter-approved general obligation bonds to fund student safety improvements, career and technical education facilities and replacement of aging high school buildings. The resolution also authorizes the superintendent or business manager to finalize sale details, appoint financing professionals and complete required tax disclosures.
The second, related resolution authorizes the superintendent or business manager to execute the necessary documents to obtain a $12,252,000 state grant. Staff cautioned that the district plans to issue bonds this winter — likely December or early January — but that timing carries market risk if interest rates move. A motion to approve both resolutions was moved, seconded and approved by voice vote at the meeting.
