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School board approves Webster Bank for 20‑year bond refunding tied to state sales‑tax special act
Summary
The Levy County School Board approved selecting Webster Bank to provide a 20‑year loan to refund bonds pledged to state sales‑tax revenues distributed under a Florida special act; board heard details on bids, rates and prepayment terms and unanimously approved the recommendation.
The Levy County School Board approved a recommendation to select Webster Bank to provide a 20‑year loan to refund the district’s outstanding bonds that are pledged to state sales‑tax revenues distributed under a Florida statute special act.
Board members were told the refunding follows the district’s practice of reviewing and refunding debt roughly every 10 years to seek savings and to extend favorable terms. “This refunding will involve pledging revenues, derived from state of Florida sales tax, which are distributed annually to our district under a Florida statute special act,” the superintendent said. The superintendent added that although some still call the…
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