Thu Jun 23 2022, 6:15pm
WHS Room 1204
Regular Meeting


Resolution 22-05 Amending Resolution 22-01

On February 24, 2022, the board approved Resolution 22-01.  This resolution authorized the refunding of the remaining 2012 voter-approved bonds at a lower interest rate.  This refunding would have resulted in significant future savings for taxpayers.

Resolution 22-01 set savings targets that were based on current and anticipated market conditions.  By the date when we were ready for the sale to occur, bond market interest rates had risen significantly enough that the savings target could not be met and we did not go to the market with the bonds.

Last week we saw a hopeful drop in bond rates.  (Chart below).  With the dip, we could have still achieved significant savings, but the rates were still above the savings target set by the board in Resolution 22-01.  Disappointingly, the dip in prices did not last long as you can see in the chart below.

Resolution 22-05 would amend the savings target in 22-01.  Adoption of the resolution will authorize the superintendent to act swiftly if we see another dip in rates.  All of the preparation for the sale has occurred and within a week a sale could occur should market conditions shift again.

Administrative Recommendation /MOTION/ "I move we adopt resolution 22-05 as presented."

Attached Files:
Resolution 22-05.pdf application/pdf 85.2K