Finance committee sets parameters for up to $10M bond issue to support capital projects

District staff asked the committee to approve a bond‑resolution that sets the legal maximum parameters needed to go out to market while allowing staff to time the sale for favorable market conditions. Anthony Rapp said the district expects to issue about $10 million, which would make the issue bank‑qualified and potentially attract more bidders.

Rapp explained the parameters are a legal requirement to allow staff and bond counsel to solicit bids; any issuance would return to the board for final approval and the district would not borrow more than its planned amount without board action. The planned schedule tentatively targets late March for bidding if market conditions allow.

Why it matters: the bond proceeds are intended to support capital projects and could affect debt‑service schedules and the district’s bond rating; staff noted bank‑qualified status can lower borrowing costs. No formal sale or borrowing was completed during the committee meeting; the presentation requested authorization to proceed with the process under the stated parameters.