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Leander ISD authorizes up to $300 million in new bonds, approves parameters for refundings
Summary
The Leander ISD Board approved a delegation order allowing the district to sell up to $300 million in new bonds and to pursue refundings of earlier issues, setting a 2% minimum net present value savings floor and giving staff authority to proceed within parameters.
Leander ISD on Thursday authorized district leaders to sell up to $300 million in new unlimited-tax school building bonds and to pursue refundings of earlier bond issues, approving a parameters (delegation) order the district said is required under Texas law.
The board approved the order after a presentation from district finance staff and the district—s bond advisor, Blake Roberts of PFM Financial Advisors. The motion, made by Trish Bodie and seconded by Sade Fascacun, passed 5-0.
The order sets several caps and guardrails: a not-to-exceed principal amount of $300,000,000 for new-money bonds, a not-to-exceed final maturity of 30 years for new money, a not-to-exceed amount of about $280,000,000 for refundings, a not-to-exceed final maturity of 17 years for refundings, and a minimum net present value (NPV) savings threshold of 2 percent for any refunding transaction. The delegation names the board president, vice president and secretary and the…
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