Board approves bond authorization resolution, delegates L‑4029 debt-millage adjustments

At its May 18 meeting the Marquette Area Public Schools Board adopted a resolution authorizing the issuance and delegating the sale of bonds related to the voter‑approved facilities plan, and separately adopted the L‑4029 resolution that delegates authority to district executives to adjust debt millage rates in the district’s final tax forms if circumstances require.

The bond authorization resolution (adopted 6‑0) empowers district officials to issue the first series of bonds in an amount not to exceed $30 million for the projects described to voters and establishes the debt retirement and bond issuance funds. The resolution names PFM Financial Advisors LLC as the district’s financial consultant and J.P. Morgan Securities LLC as senior managing underwriter; Thrun Law Firm, P.C. was named bond counsel. The board also unanimously adopted an L‑4029 resolution (6‑0) after Assistant Superintendent James Lampman explained that staff needed delegated flexibility to modify debt millage rates in the district’s L‑4029 tax forms as the bond sale timeline is finalized.

Board President Kristen Cambensy and the superintendent are authorized to sign required documents; Lampman and district financial advisors briefed trustees on the mechanics of the debt‑service fund and possible implications for the timing of levy collections. No single bond sale date was set at the meeting because the district is waiting on a recount that may affect the schedule.