By SUSAN RUMBLE

Special to The Press

Parkland School Board granted approval, at its Jan. 18 meeting, for the administration to proceed with issuing General Obligation Bonds with a maximum principal of $16.5 million.

This new money will be applied to various capital projects including planning, design, and construction improvements to the Schnecksville and Kratzer elementary schools and other district buildings and facilities.

The funds will also be used for technology infrastructure upgrades, security systems and computers.

In addition, the money will be directed to purchase vans, buses and equipment.

A portion will be needed to pay the issuance cost of the bonds.

A resolution for the financial action indicates the school district has received bids or professional cost estimates for the capital projects.

The plan specifies the principal amount of bonds allocated to the separate cost of each project should mature before the end of the useful life of that project.

Although $16.5 million is authorized, Managing Director Scott Shearer and Senior Analyst Garrett Moore, from PFM Financial Advisors LLC, are recommending $13.5 million for the construction fund plus costs of issuance and miscellaneous expenses pushing the total amount needed to $13.72 million.

In the backup report to the board, PFM noted establishment of a maximum amount typically higher than what is needed for actual pricing creates flexibility to achieve the best rates.

The board approved a parameters resolution which will allow district representatives to proceed with the bond action during the most favorable market conditions.

Used quite frequently for previous bond issuances, this procedure eliminates the need to time the pricing of bonds with a board meeting date.

School district Director of Business Administration Leslie Frisbie, Assistant Director of Business Administration Angel Green and/or Superintendent Dr. Mark Madson are authorized to direct Raymond James and Associates Inc., on the timing to market the bonds and to approve final terms and conditions.

The board resolution on this matter pledges the full faith, credit and taxing power of Parkland School District to secure the bonds.

Settlement for the bond issuance is anticipated in late February.