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EPISD trustees authorize parameters to refinance $222M of bonds, remarket 2020 maintenance tax notes; motions carry with one abstention
Summary
Trustees authorized parameters to pursue refunding about $222.1 million in outstanding bonds and to remarket variable‑rate 2020 maintenance tax notes, with both authorizations passed under delegated parameters and limited to execution only if market conditions meet board caps.
El Paso — The El Paso Independent School District board on Oct. 21 authorized parameters to pursue a refunding of selected outstanding bonds and approved a plan to remarket variable‑rate maintenance tax notes, actions the district says could produce multi‑million‑dollar savings.
Maria Urbina of Hilltop Securities, the district's municipal advisor, told trustees the district has about $811 million of outstanding debt and identified three series (2015, 2015A and 2017) with roughly $222.1 million of principal eligible for refunding. Urbina said refunding the 2015 and 2015A series now could generate about $1.3 million in net present‑value savings while a forward refunding of the 2017 series could yield substantially larger savings if performed when the issue becomes callable in 2026; combined, preliminary estimates indicated…
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