Agenda Item
Meeting Date:
6/29/2017 - 6:00 PM  
Category:
Consideration and Possible Action Item(s):  
Type:
Action  
Subject:
Resolution Calling a Portion of the Crowley Independent School District Unlimited Tax School Building Bonds, Series 2007 for Redemption  
District Goals:
 
Enclosure:
 
File Attachment:
Crowley ISD 2017 Redemption Resolution (redeeming 2007 bonds).pdf
 
Summary:
Consider/Approve a Resolution Calling a Portion of the Crowley Independent School District Unlimited Tax School Building Bonds, Series 2007 for Redemption Prior to Maturity; and Enacting Other Provisions Relating to the Subject.
This is related to Proposition 2 of the 2002 Bond Election where $15M was approved solely for the construction of a natatorium. The original plan was to partner with the City of Ft. Worth where the District would pay for the construction and the City would pay for all maintenance and operations. The plan did not come to fruition and the bonds are now 15 years old and considered "stale" by the Office of the Attorney General.
In 2007, $3M of the approved $15M were sold in order to pay for a feasibility study and, depending on the outcome of the study, pay for design and development of the natatorium.
There is currently approximately $3M of unused funds that can only be used for the construction of a natatorium. With no immediate future plans to construct a natatorium, we feel it is in the best interest of the District to use this $3M as a payment to reduce our debt service.
 
Budgetary Impact:
The approximate $3M is currently deposited in LoneStar First Public earning approximately 0.75%.
We are currently paying approximately 4.7% on the $3M in our debt service payments.
 
Recommendation
I move to adopt a resolution calling a portion of the Crowley Independent School District Unlimited Tax School Building Bonds, Series 2007 for redemption as presented.  
Approvals:
Recommended By:
Signed By:
Dwayne Jones - Executive Director Business Services
Signed By:  
Patricia Linares - Interim Superintendent
 
Vote Results:

Original Motion
Member Ryan Ray Moved, Member Mia Hall seconded to approve the Original motion 'I move to adopt a resolution calling a portion of the Crowley Independent School District Unlimited Tax School Building Bonds, Series 2007 for redemption as presented.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0.
The motion Carried 7 - 0
   
June Davis     Yes
Ryan Ray     Yes
Mia Hall     Yes
Gary Grassia     Yes
Lyndsae Benton     Yes
LaTonya Mayfield     Yes
Nedra Robinson     Yes