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Finance committee concurs with JPMorgan Chase loan to restructure $16.23 million in school debt
Summary
The finance committee reviewed results of a dual-track process and moved to forward concurrence with issuing G.O. notes through a JPMorgan Chase bank loan that restructures $16,231,000 of district debt at a 3.6% fixed, noncallable rate with settlement scheduled for Aug. 29.
The finance committee moved to forward concurrence with a JPMorgan Chase bank loan that will restructure $16,231,000 of district debt, a staff presenter told the committee. Settlement is scheduled for Aug. 29 and the final fixed, noncallable rate was reported as 3.6 percent.
The loan emerged from a dual-track process that compared a bank loan offer with a bond issuance. “This JPMorgan proposal was a little bit better than the bond market, which is why we recommended accepting this proposal,” the finance presenter said.
Nut graf: The restructuring shifts principal that would have been due in the current and next fiscal years into later years, producing near-term budget relief while increasing payments in the early 2030s. Staff said the restructuring yields $14,176,156 in total budgetary savings over two years and…
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