The Normandy Joint Executive Governing Board, appointed by the State Board of Education to operate the Normandy Schools Collaborative (the school district that replaces the lapsed Normandy School District), will honor Normandy School District’s obligations under its general obligation bonded indebtedness. General obligation bond issues are obligations agreed to by the voters within the geographic areas of the taxing jurisdiction.
The School District Direct Deposit Program established under Missouri law for each issuance of Normandy School District’s general obligation bonds will continue under the Normandy Schools Collaborative. Tax revenues will be collected by the Normandy Schools Collaborative in the amounts sufficient to satisfy the principal and interest required to meet the payment schedule. The administrative dissolution of the Normandy School District will not result in a default in any of its general obligation bonds.