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Board hears options to defease $8M–$10M in state matching funds; no vote scheduled
Summary
DA Davidson explained options to use remaining School Construction Assistance Program funds to defease 2019 bond debt; board members asked for the long-range facilities plan before deciding and stressed community outreach and timing ahead of potential future ballots.
DA Davidson municipal advisor Corey Plager presented defeasement options to the West Valley School Board on April 8, laying out the mechanics and taxpayer impacts of using $8 million or $10 million of remaining state School Construction Assistance Program (SCAP) matching funds to defease a portion of the district’s outstanding 2019 bonds.
Plager said defeasement would place cash in an escrow of U.S. government securities that would be used to pay specified bond principal and interest when the bonds become callable; the approach does not refinance the bonds immediately but removes the debt from the district’s taxing requirement once the escrowed securities begin to pay the scheduled debt. He said the 2019 bond totaled about $59 million and was…
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