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Mercedes ISD board authorizes bond refunding parameters to pursue up to $17M in savings
Summary
The Mercedes ISD Board approved a parameters order authorizing staff and advisors to pursue refunding of eligible unlimited-tax bonds, a move the districtsaid could lower interest costs and net about $1 million in savings if market conditions hold.
The Mercedes Independent School District Board of Trustees voted 6-1 to approve a parameters order authorizing district staff, the district's financial adviser and bond counsel to pursue refunding certain unlimited-tax school building bonds.
The vote authorizes the superintendent and the district's advisors to monitor the municipal market and, if pre-set parameters are met, to price and close a refunding sale for callable maturities. Miguel de Los Santos of Estrada Hinojosa & Company presented the proposal and said about $13.8 million in currently callable principal was a reasonable target under current assumptions, with room to increase the refunding size to roughly $17 million if the market allowed.
Why it matters: The district's general obligation bonds carry an average coupon of about 4.42 percent, De Los…
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