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Commissioner Hovis - Financial and Management Services - Finance - To Approve a Resolution Authorizing the Issuance of General Obligation School Bonds for School Capital Needs
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STAFF CONTACT
Kyle Sutherland - Finance - 704-866-3130
BUDGET IMPACT
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No budget impact in the current year.
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BACKGROUND
An order authorizing $250,000,000 of general obligation school bonds was adopted by the Board of Commissioners for the Issuer (the “Board of Commissioners”) on February 27, 2018 (the “Bond Order”), which Bond Order was approved by the vote of a majority of the qualified voters of the Issuer who voted thereon at a referendum duly called and held on May 8, 2018.
Pursuant to the Bond Order, the Issuer issued its $60,000,000 General Obligation School Bonds, Series 2018 (the “2018 Bonds”) on November 15, 2018, and its $80,000,000 General Obligation School Bond Anticipation Notes, Series 2023 (the “2023 Notes”) on July 11, 2023.
Other than the 2018 Bonds and the 2023 Notes, no bonds authorized by the Bond Order have been issued and no notes have been issued in anticipation of the receipt of the proceeds of the sale of such bonds.
It is necessary to issue not to exceed $190,000,000 of such bonds at this time in order to (i) pay the outstanding principal amount of the 2023 Notes, (ii) pay or reimburse the Issuer for payment of school project costs authorized under the Bond Order and (iii) pay or reimburse the Issuer for payment of costs incurred by the Issuer in connection with the authorization, sale or issuance of such bonds.
The bonds to be issued pursuant to the Bond Order shall be issued as one bond issue in the principal amount not to exceed $190,000,000 and designated “General Obligation School Bonds, Series 2025.”
POLICY IMPACT
N/A
ATTACHMENTS
Resolution