Some badly needed maintenance projects will get a breath of life after the Uvalde Consolidated Independent School District board of trustees approved a resolution authorizing the issuance of nearly $3.9 million in maintenance tax notes during their Monday night regular meeting.
In the same breath, the board authorized the execution and delivery of time warrants, which will be issued April 26.
First State Bank of Uvalde outbid eight other banking institutions, including Broadway National Bank, JP Morgan Chase and First National Bank of Texas. First State Bank’s low bid on the maintenance tax notes was 2.799 percent and 1.919 percent on time warrants.
The district’s investment firm of Estrada Hinojosa and Company distributed a request for bids to 35 banks.
Maintenance tax notes allow the district to construct, repair, renovate, or purchase school buildings, school equipment, or equip school properties with necessary heating, water, sanitation, lunchroom, or electric facilities.
Annual payments on the notes are paid from the maintenance tax. Project fund amount is $3,885,000 plus $90,000 for cost of issuance. Cost of issuance includes attorney general fees, bond counsel fees and expenses plus escrow agent and financial advisors.
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