At the October 4, 2021 School Board meeting, the School Board received information pertaining to an upcoming bond sale. This bond sale involved the refinancing of a portion of existing debt, and in this process, created monetary savings on property taxes for local property owners.  At the October 4 meeting, the School Board approved a resolution that authorized the Superintendent/Director of Business Services and a Board Officer to execute a Bond Purchase Agreement for the stated purposes.  The sale of these bonds commenced on Wednesday, October 27 and met all the parameters approved by the School Board to complete this sale. The District received three strong bids from banks on the refunding bonds with the best bid of 0.49 percent. The bid generates a total savings of $52,500 for local property owners on property taxes. This is a very positive outcome compared to the anticipated savings we showed at the October 4 board meeting and the financing committee this past summer.

The administration recommends that the School Board approve the attached Resolution Relating to $1,598,000 General Obligation Refunding Bonds, Series 2021A; Ratifying the Award of Sale, Prescribing the Form and Details and Providing for the Payment Thereof.