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School board authorizes parameters to refinance 2018 bonds, hears construction and roofing updates
Summary
At the meeting, the school board authorized a parameter order allowing staff to move forward with a potential refunding of callable 2018 bonds and received updates on multiple bond-funded construction projects and ongoing roof and HVAC work at district campuses.
The school board authorized parameters that would allow the district to refinance callable portions of its 2018 bond issue and heard updates on bond-funded construction and roof work across multiple campuses.
Board members voted to delegate authority to district staff to proceed with a refunding if the sale meets the parameters set in the bond order, including a minimum net-present-value savings threshold and a maximum interest rate. Nick Bulash of Hilltop Securities, who made the presentation, said the plan targets roughly $22.6 million of callable 2018 bonds and would aim to produce roughly $1.1 million in total debt-service savings under current market assumptions.
Bulash told the board the proposed refunding would not extend the final maturity of the debt and that the firm had modeled conservative market conditions. He presented two savings measures: about $1.1 million in total nominal savings and…
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