Tom Bean ISD board authorizes defeasance and redemption of portion of 2020 refunding bonds

At its Aug. 31, 2026 special meeting, the Tom Bean Independent School District Board of Trustees adopted an order authorizing the defeasance and redemption of a portion of the district's Unlimited Tax Refunding Bonds, Taxable Series 2020.

"Motion made by Steve Rogers for the Board to adopt an order authorizing defeasance and redemption of a portion of Tom Bean Independent School District Unlimited Tax Refunding Bonds, Taxable Series 2020 during the fiscal year 2026-2027; levying an ad valorem tax to provide for such defeasance; and enacting other matters related to the subject," Trustee Steve Rogers moved; Trustee Beth Hale seconded. The motion carried 6 in favor, 0 opposed, with one member absent.

The motion instructs staff to proceed with the legal and fiscal steps necessary to defease and redeem the identified bonds during fiscal year 2026–2027 and to levy an ad valorem tax sufficient to provide for the defeasance. No additional details about the exact principal amount to be defeased were provided in the minutes beyond an implementation note tied to the later tax-rate motion that approximately $170,000 of the Series 2020 bonds would be defeased in fiscal year 2027.

The board's action places the defeasance on the district's implementation schedule; further administrative steps and public filings will follow as required by bond documents and state law.