TITLE:title
Union County Public Schools (UCPS) Forest Hills High and East Elementary 2023 Bond Premiums and Investment Earnings Project Request
body
INFORMATION CONTACT:
Beverly Liles, Finance, Director, 704-283-3675
Patrick Niland, County Manager’s Office, Deputy County Manager
ACTION REQUESTED:
Adopt Capital Project Ordinance #321B
PRIOR BOARD ACTIONS:
July 17, 2023 - Adopted CPO 321A to appropriate bond premiums
December 5, 2022 - Adopted CPO 321 to appropriate bond proceeds as approved by voters during the 2022 Bond Referendum process.
BACKGROUND:
At the UCPS Board of Education (BOE) meeting on July 9th, 2024, the BOE approved a request to the Board of County Commissioners to use bond premiums and bond investment earnings generated from the 2023 School GO Bonds (2023 Bonds) for projects at Forest Hills High School and East Elementatry School.
Bond premiums and investment earnings generated on the 2023 Bonds are restricted for only projects located at Forest Hills High School and East Elementary School as outlined in the Bond Order adopted for the 2022 Bond Referendum.
FINANCIAL IMPACT:
No additional financial impact. Funding is available from bond premiums in the amount of $12,175,000 and bond investment earnings of $2,452,000.