By SUSAN RUMBLE

Special to The Press

Parkland School Board directors recently adopted a resolution to borrow $10 million in general obligation bonds to finance various capital projects.

The money will be applied to construction of the new operations center along Stadium Drive, to additions and improvements to Kratzer Elementary School, which are currently in progress, and to undertakings at other district buildings and facilities.

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

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

Details were presented to the personnel and finance committee in January by a team from PFM Financial advisors.

School directors approved a parameters resolution authorizing district representatives and PFM to proceed with borrowing during favorable market conditions.

The financial team built in flexibility to achieve the best rates and to not have to do the bonds to coincide with a board meeting date.

The maximum annual interest rate and yield for each maturity of the bonds is 6 percent.

PFM expects a settlement of the bond issue in mid February.

The district plans on borrowing approximately $14.75 million in 2024.