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Financial adviser outlines plan for possible $90 million Galena Park ISD bond sale, flags rating and SB4 timing
Summary
Samco Capital Markets presented a workshop to Galena Park ISD trustees describing assumptions for a potential $90 million bond sale this summer, current credit metrics, and a Senate Bill 4 deadline that could affect timing and hold-harmless payments.
At its June meeting, the Galena Park Independent School District heard a workshop from Brian Grubbs, Managing Director at Samco Capital Markets Incorporated, outlining assumptions for a possible $90,000,000 bond sale this summer and the timing, credit and tax-rate considerations that would shape issuance.
Grubbs told trustees the district’s outstanding taxable debt principal is about $387,000,000 and that the most recent taxable value figure is “over $12,000,000,000.” He said the district’s principal balance as a percentage of taxable value is 3.22%, a metric rating agencies watch when evaluating credit quality. “I’m gonna assume that we’re issuing $90,000,000 this summer,” Grubbs said.
The pr…
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