During a recent government meeting, officials discussed the reauthorization of a resolution for the issuance of 2025 funding bonds, aimed at refinancing existing debt to achieve significant savings for the district and its taxpayers. Jennifer Kaminski, a key speaker, highlighted that the 2015 bonds are callable in May 2025, prompting the need for this resolution.

The financial advisors from PFM and bond counsel from Miller Canfield provided insights into the potential benefits of the refinancing. Current market conditions suggest that the district could save approximately $4 million or more through this process. The resolution includes provisions for a negotiated sale, with Stifel Nicholas serving as the main underwriter and Huntington Bank as a co-underwriter.

Ron Liscum from Miller Canfield emphasized that the bonds would be issued for an amount not to exceed $45.5 million, with a maximum interest rate capped at 4.5%. Importantly, the resolution mandates a minimum savings threshold of 3% on the refunded bonds, ensuring that taxpayers benefit from the refinancing.

The board is expected to approve the resolution on October 22, which could lead to a decrease in the district's debt millage in the future, contingent on taxable values. The authority to finalize the bond sale has been delegated to the superintendent and Kaminski, streamlining the process without requiring further board action.