Board approves short‑term severance‑tax notes totaling up to $850M for projects and reserve fund
Summary
The board authorized short‑term severance tax notes (SA1/SA2) with a combined maximum principal of $850,000,000 to fund legislatively appropriated projects, set‑asides and capital development reserve funds; notes to be issued June 25 and repaid the following day.
Bond counsel described two short‑term series: SA1 (up to $652,900,000) to finance legislatively appropriated projects and statutory set‑asides and SA2 (up to ~$197,000,100) for the capital development and reserve fund, with a combined cap of $850,000,000. Counsel said interest on these notes is not tax‑exempt and that proceeds would be used where tax‑exempt bond use is inappropriate.
Member Montoya moved the resolution; it was seconded and approved by roll‑call. Staff will finalize the exact project list in an amending resolution after due diligence and readiness checks.
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