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Yuma County approves resolution to position library district for possible $735,000 refunding savings
Summary
The Board of Supervisors approved a resolution that authorizes staff to prepare a potential refunding of 2005 library bonds if market conditions meet a minimum 3% net present value savings threshold; board members voted unanimously to adopt the resolution but did not commit to issuing bonds.
YUMA — The Yuma County Board of Supervisors voted unanimously to adopt a resolution allowing county staff to pursue a possible refinancing of the Yuma County Library District general obligation bonds if market conditions produce sufficient savings.
The resolution, described by Humberto Castillo, the county’s chief financial officer, would “tee up” a refunding of callable bonds while requiring a minimum net present value savings threshold before the county issues any debt. Castillo told the board the plan would only move forward if the refinancing achieved at least 3 percent…
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