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Meeting Date:
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8/26/2021 - 6:00 PM
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Category:
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Consideration and Possible Action Item (s)
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Type:
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Action
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Subject:
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Approval of Parameters Resolution for Bond Sale - Remaining $12 Million From 2002 Bond
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District Goals:
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Enclosure
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File Attachment:
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Summary:
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The District has $12,000,000 in remaining bond authorization for a natatorium from the bond election that passed in 2002. A combination of higher than expected tax base growth and historically low interest rates will allow for CISD to issue this remaining authorization and pay it off within two years at the current $0.50 I&S tax rate.
A Parameter Bond Order will be brought to the August 26 Meeting for the Board’s consideration. If passed, this would give the Administration and its financial advisor, Hilltop Securities, the ability to prepare for and finalize the bond issuance on behalf of the District.
It is estimated that the bond financing would be completed in late September with CISD receiving the funds in mid-to-late October.
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Budgetary Impact:
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Recommendation:
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In consideration of all matters incident and related to the issuance and sale of “Crowley Independent School District Unlimited Tax School Building Bonds, Series 2021”, including the adoption of an order authorizing the issuance of such bonds and establishing procedures and delegating authority for the sale and delivery of such bonds,
I move to adopt an order authorizing the issuance and sale of “Crowley Independent School District Unlimited Tax School Building Bonds, Series 2021."
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Approvals:
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Recommended By:
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Signed By:
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Leon Fisher - Executive Director
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Signed By:
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Michael McFarland - Superintendent
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