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Dickinson ISD board approves refunding of 2013 unlimited tax bonds to reduce interest costs
Summary
Trustees voted unanimously to refund the district's Unlimited Tax Refunding Bonds, Series 2013, a move the district says will lower interest costs by more than $100,000 annually.
The Dickinson Independent School District Board of Trustees authorized staff to refund the district's Unlimited Tax Refunding Bonds, Series 2013, saying the transaction should lower the district's annual interest expense by more than $100,000.
Ryan Boone, a district staff member who presented the item, described the transaction as "standard protocol with bonds" and told trustees the refunding would allow the district to lower the interest rate and save more than $100,000 a year on interest.
The motion to approve refunding the Series 2013 bonds was made by Trustee Mackey and seconded from the board; the motion passed by voice vote with all trustees present voting aye. No amendments or conditions were attached at the time of approval.
The board did not provide additional financing documents, estimates of present-value savings, or a closing schedule during the audible record; those documents are typically included in the board packet or provided by the district's financial advisors and bond counsel.
