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SCUC ISD board approves bond refunding plan after efficiency audit; officials say transaction will save about $20 million
Summary
The Schertz-Cibolo-Universal City ISD board voted 6-0 to authorize refunding bonds of up to $128.105 million after reviewing an efficiency audit; officials said the deal is expected to save roughly $20 million and close in early November.
The Schertz-Cibolo-Universal City Independent School District board voted 6-0 Tuesday to authorize the sale of unlimited tax refunding bonds — up to a maximum of $128,105,000 — to refinance outstanding district debt. Chief Financial Officer Brian Moy presented related materials and an efficiency audit during the meeting, and trustees approved the refunding order after a short discussion. Board President Finley presided as trustees moved and seconded the resolution, which officials said will be taken to market on Oct. 7 and is expected to close in early November. Moy told the board the district’s financial advisor updated projected savings…
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