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Board approves $4.6 million Maintenance Tax Note, Series 2026, with 7% interest
Summary
The Crystal City ISD Board approved a resolution authorizing issuance of a $4.6 million Maintenance Tax Note, Series 2026; bond counsel described the note as a legally binding obligation with a 7% interest rate and payment disbursements, and the superintendent was authorized to make necessary adjustments.
The Crystal City Independent School District Board of Trustees voted unanimously on May 4 to approve a resolution authorizing the issuance, sale and delivery of a $4.6 million Maintenance Tax Note, Series 2026. Chief Finance Officer Robert Velasquez explained the loan terms, a required deposit account, and the payment schedule; bond counsel Juan Aguilera described the note as "a legally binding obligation" and referenced a 7% interest rate and payment disbursements.
Trustee Cruz Mata moved to approve the resolution as presented and to authorize the superintendent to make any necessary changes; Trustee Sammy Houston seconded the motion and it carried 5-0. The minutes record that the Board authorized the superintendent to finalize adjustments as needed. The resolution authorizes the district to accept the loan under the terms presented; the minutes do not include the full text of the repayment schedule or the deposit-account provider.
The note is identified in the minutes as a Maintenance Tax Note, Series 2026, and the district's CFO and outside bond counsel were present to explain terms. The minutes do not specify how proceeds will be allocated to particular operating or capital uses, nor do they record individual roll-call votes beyond the motion's 5-0 passage.
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