When it is necessary to borrow for the purchase of sites, the construction or remodeling of facilities or the purchase of equipment, it shall be accomplished by approved bonds or promissory notes.
In an effort to become more efficient and effective with the issuance and sale of general obligation promissory notes, the Board authorizes the Administration to proceed with implementing a data-driven method for authorizing and issuing debt to fund the annual capital projects budget. The authorized method will provide flexibility in the timing and execution of debt issuance based on market data thereby removing the constraints inherent in the regular monthly meeting cycle of the Board.
All board resolutions that authorize Administration to issue and sell general obligation promissory notes will be drafted with the advice and approval of Western's bond attorney.
The Board will have final approval of all resolutions authorizing the issuance and sale of general obligation promissory notes on a series by series basis.
Legal limitations regarding the amount of bonded indebtedness shall be in accordance with state law.