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Kyrene officials outline plan to sell $43M in new bonds and refinance $43M to save taxpayers about $2M
Summary
Board received an informational presentation on Feb. 11 about a proposed spring bond sale: roughly $43 million in new bonds for capital projects and about $43 million of existing debt to be refinanced, with projected taxpayer savings of about $2 million. No authorization vote was taken; the board will consider a resolution Feb. 25.
Kyrene Elementary District officials presented a plan on Feb. 11 to seek authorization at the boards Feb. 25 meeting to sell roughly $43 million in new general obligation bonds and simultaneously refinance about $43 million of outstanding debt, a move district staff said could save taxpayers about $2 million.
The bond presentation outlined how the two-part plan would both fund upcoming capital projects and reduce interest costs on callable bonds, while keeping the districts projected bond indebtedness well below statutory limits.
Associate Superintendent Chris Herman framed the proposal as informational and said a formal authorization would be brought to the board on Feb. 25. "This proposed bond sale would be for 2 purposes, 2 separate purposes," Herman said, describing one sale for new projects and a separate refunding to capture lower rates. Mike LaValle of Stifel Public Finance told the board the districts high credit ratings would help secure competitive interest rates.
District officials…
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