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Forest Hills board ratifies $171.34 million bond sale to fund 2025 capital projects
Summary
The Forest Hills Board of Education unanimously ratified a purchase agreement for the 2025 School Building and Site Bonds, Series I, approving an aggregate principal amount of $171,340,000 with a purchase price of $189,996,972.65; proceeds will fund capital projects and issuance costs.
The Forest Hills Board of Education on March 17 ratified the sale of the 2025 School Building and Site Bonds, Series I, approving a purchase price of $189,996,972.65 and an aggregate principal amount of $171,340,000.
The boardresolution (Ref. No. 25-03/17-A) sets the dated date of the Bonds as April 2, 2025, with maturities running May 1, 2026, through May 1, 2045 and semiannual interest. The purchase includes an original issue premium of $19,176,132.85 and an underwritersdiscount of $519,160.20. The resolution allocates approximately $522,647.12 to costs of issuance and deposits $189,474,325.53 to the 2025 Capital Projects Fund. It also notes that, because premium is being deposited to the capital projects fund, $150,000,000 of voter authorization remains available for future bond issues.
The resolution describes optional redemption terms for bonds maturing on or after May 1, 2036, with redemptions permitted beginning May 1, 2035, and requires 30-to-60 days' mailed notice to registered owners. The bond pricing schedule included in the packet lists yields, prices and per-maturity premiums for the serial maturities and the total par and premium amounts.
The board offered and supported the preamble and resolution (motion offered by Member Kermode, supported by Member Terryn) and recorded the vote as Ayes: Michaud, Kermode, DeBoer, Ninemeier, Colley, Terryn, Fauson; Nays: none. The board secretary signed the minutes at the close of the meeting. The minutes also state that the Preliminary Official Statement dated Feb. 26, 2025 was deemed final for SEC Rule 15c2-12 purposes and that an authorized officer was directed to execute the final Official Statement.
