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Board authorizes transfer of funds and escrow to defease 2021 general obligation refunding bonds
Summary
The board approved a resolution to transfer funds and establish an escrow account to defease portions of the district's 2021 general obligation refunding bonds, reducing principal and generating estimated net debt-service savings of about $587,166 and increased state aid estimated at $1,254,295.
The Wisconsin Rapids School District Board of Education on April 14 approved a resolution authorizing the transfer of funds and establishment of an escrow account to defease parts of the district’s General Obligation Refunding Bonds, Series 2021 (issued 08/02/2021).
Finance staff explained the defeasance targets four specific principal years and estimated the restructuring would remove…
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