Board approves up to $21.17 million in bonds to finance high-school equipment
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Summary
The North Ridgeville City Board approved a resolution authorizing issuance of bonds not to exceed $21,170,000 to fund high-school equipment; motion carried on a roll-call vote at the July 1 meeting.
The North Ridgeville City Board of Education on July 1 adopted a resolution authorizing the issuance of bonds in an amount not to exceed $21,170,000 to finance high-school equipment.
Board member McCarthy moved to approve the bond resolution in one reading; Board member Saxon seconded the motion. The board then conducted a roll-call vote. Recorded votes in the transcript were: McCarthy — yes; Grigsby — yes; Haines — yes; Vaca — yes.
The resolution states proceeds will be used to finance school equipment and that the bonds will be sold under terms intended to provide financial advantages to the district. The motion was presented as the final sale of bonds for the high school.
Why it matters: Issuing bonds will allow the district to pay for capital equipment at the high school immediately and spread repayment over time; the board authorized a maximum principal amount and set the parameters for sale but did not include bond-sale details in the July 1 record.
Next steps: The district will proceed under the resolution's parameters to sell the bonds; the transcript does not record the date of the sale or final sale terms.