Board Agenda - February 21, 2006

a. Consider all matters incident and related to issuance and sale of Unlimited Tax School Building bond

Presenter: Richard Matkin

Purpose: A - Request decision - closure required

Time: No time limit

Description:

Attached is a draft of the bond order with exhibits. The table on page 1 of the bond order indicates the Amount Being Issued to be $70,535,000. The total proceeds to be received will be $73,185,000. The difference between the two figures relates to the reoffering premium that will be generated and applied to the voted authorization. Bonds are being offered by a competitive bid process that was placed in the market on February 9, 2006. This is the second issue of the bonds authorized by the voters in the August 21, 2004 election. No refunding bonds are included in this sale. Bids are due on Tuesday, February 21, 2006. Pricing and rates will be reviewed with the Board, during the board meeting by the District's Financial Advisor, First Southwest Company. Funds are estimated to be received in mid-March.

Recommendation:

The administration recommends sale of $73,185,000 Unlimited Tax School Building bonds, Series 2006.

Business Impact:

To be determined by the bids received.

Summary:

Appendix:

Return to Meeting Agenda