TITLE
Title
RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $570,000,000 IN GENERAL OBLIGATION SCHOOL BONDS, SERIES 2025
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SPONSOR
Sponsor
Donald Warn
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BACKGROUND
Background
Guilford County voters approved $2 billion in bond referendums to address school capital needs identified through a comprehensive facilities master plan. $300 million was approved by voters in 2020 and $1.7 billion was approved by voters in 2022.
• The Board of Commissioners, on June 19, 2020, adopted the bond order in the amount of $300,000,000. The first portion of school bonds were issued in September 2021 in the amount of $120,000,000 and designated “General Obligation School Bonds, Series 2022B”. The final portion of school bonds associated with the June 2020 bond order were issued in February 2024 in the amount of $180,000,000 and designated “General Obligation School Bonds, Series 2024”.
• The Board of Commissioners, on December 2, 2021, adopted the bond order in the amount of $1,700,000,000. The first portion of the school bonds, in an amount up to $570,000,000, will be issued on February 19, 2025 and designated “General Obligation School Bonds, Series 2025”.
The Local Government Finance Act and Local Government Commission regulations require the Board of Commissioners adopt a Resolution Authorizing Issuance of the General Obligation Bonds.
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RESOLUTION
Resolution
Resolution is attached authorizing the issuance of bonds in the amount of $570,000,000 for General Obligation School Bonds, Series 2025.
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REQUESTED ACTION
Requested Action
Adopt resolution authorizing the issuance of bonds to be designated as “General Obligation School Bonds, Series 2025” in an amount up to $570,000,000.
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