2:00 PM – Called Meeting
D. 1. Approval to Issue Voter Approved General Obligation/SPLOST Bonds
A referendum was held on May 24, 2016 wherein the voters of the DeKalb County School District approved the E-SPLOST V program. As part of this approval, the voters approved the issuance of up to $200 million in GO/Sales Tax backed debt, carrying specific principal amortization tranches over the five year life of the E-SPLOST V program. Operations/Facilities and IT have determined a need for up to $140 million of these bonds to be issued during the first quarter of 2017.
Under current market conditions, and following the principal amortization tranches as approved by the voters on May 24, 2016, it is estimated that to generate bond proceeds of up to $140 million will require annual debt service payments averaging approximately $33,500,000 from SPLOST V, with the ending principal payment being made October 1, 2022.