NEW CONSTRUCTION

Bonds are sold, following approval by the electorate, on the basis of sealed bids. The lowest net interest cost to the district is considered to be the best bid.

Par value of all bonds issued must be received under any acceptable bid. If a premium is offered, the premium is to be deposited in the Debt Service Fund for the payment of interest and/or principal of the bonds issued.

The maximum term for bonds issued is twenty years. Bonds issued will be scheduled for repayment within the twenty year limit in whatever manner is deemed to be in the best interest of the school district. The repayment schedule of bonds outstanding at the time of issue and the projection of future needs shall be taken into consideration in determining such repayment schedule.

Interest payments are to be made semi-annually.

• Reviewed 7/03
• Updated 4/91