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Howard‑Suamico officials recommend $10.6M defeasance to cut long‑term interest
Summary
District financial advisers recommended using roughly $10.6 million in available funds to defease (place in escrow) and retire 2039 and 2040 maturities of the district's 2018 bond issuance, a move officials say would avoid about $3 million in interest; the board will consider formal action at an April 28 meeting.
Howard-Suamico School District officials presented a recommendation April 7 to apply about $10.6 million of available funds to defease and retire debt maturing in 2039 and 2040 from the district's 2018 capital issuance. The recommendation came during an informational briefing; the board did not vote and staff said they will return on April 28 for a formal motion and approval.
The recommendation came from Eric Kass, director of public finance at PMA, who reviewed the district's outstanding debt and options for prepayment and defeasance. He said the district's 2018 borrowing was issued in two tranches and that certain…
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