Board ratifies bond refunding that will save taxpayers about $1.02 million
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The board approved a 2025 resolution to complete a refunding of 2015 bonds after staff reported $1,020,804.17 in estimated savings, exceeding a $500,000 benchmark set in April 2025.
The board voted to ratify a 2025 bond refunding resolution that staff said will deliver $1,020,804.17 in taxpayer savings from refunding bonds issued in 2015.
A staff member told the board that in April 2025 the body approved a parameters resolution setting a minimum savings benchmark of $500,000 to justify refunding costs and that the bonds were priced in August after the office waited for more favorable market conditions. "We secured $1,020,804.17 in savings for our taxpayers. More than doubling our minimum target," the staff member said.
The move completes a two-step process: the board previously approved parameters in April and the ratifying resolution approved Tuesday authorizes completing the bond sale. The staff member said the board delayed going to market because of tariff and interest-rate uncertainty and only moved forward once conditions stabilized.
Board member Lauren moved to approve the ratifying resolution; board member Shauna seconded the motion. The resolution was decided by roll call. Recorded votes included Lauren (yes), Jerry (yes), Matt (no), Shauna (yes) and Amanda (yes). The motion passed.
The April parameters resolution set the $500,000 minimum taxpayer savings threshold that staff used to recommend proceeding; the ratifying resolution authorizes delivering the savings if market closing proceeds as presented.
No discussion followed staff remarks during the meeting. The board chair moved on to other business after the roll call vote.