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Board authorizes escrow and defeasance strategy to reduce debt service and generate state-aid relief
Summary
The board approved a resolution to transfer referendum bond proceeds into an escrow account to defease certain general obligation bonds, a move that district staff said will lower long-term debt service, accelerate payoff and generate estimated one-time state aid.
The Oshkosh Area School District board approved a resolution authorizing transfer of funds to establish an escrow account in order to defease certain general obligation bonds issued for school building and utility improvements.
Mister Nijans and guests from PMA (Eric Cass and Charlie Verbose) presented the analysis. Staff said moving $18.3 million into an escrow account to defease outstanding bonds would reduce overall debt by…
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