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Prosper ISD board approves remarketing of 2022 adjustable-rate bonds and authorizes $300 million bond sale
Summary
At its April 22 meeting the Prosper ISD Board of Trustees unanimously approved a plan to remarket a portion of the district's adjustable-rate bonds and authorized issuing up to $300 million in unlimited-tax bonds to fund ongoing construction and campus projects.
The Prosper Independent School District Board of Trustees on April 22 approved two financing steps intended to keep the district’s construction program funded. Trustees unanimously authorized the remarketing of the district’s adjustable-rate school building bonds series 2022 and approved an order authorizing the issuance of up to $300 million in unlimited-tax bonds tied to the February 2025 proposition A authorization.
Finance director Mr. Witt told the board the municipal market has been volatile in recent weeks and that the district’s financing plan balances short-term adjustable-rate pieces with larger fixed-rate issuance. “We do have some volatility in our market,” Mr. Witt said as he reviewed national municipal indices and local bond-rate comparisons.
The board’s authorization delegates final pricing and document execution to district staff so the district can move on a timetable tied to market…
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