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Trustees briefed on $60M new-money bond plan and possible $48M refunding; superintendent recommends approval, motion requested
Summary
Financial advisors recommended issuing up to $60 million in new-money bonds to complete the November 2022 bond authorization and seeking board authorization to pursue a refunding (refinancing) opportunity of up to $48 million; superintendent recommended board approval and a motion was requested but no recorded vote appears in the transcript.
Financial advisors and district staff presented two related financing transactions: (1) a new-money bond issuance to complete the November 2022 authorization, presented as approximately $60,000,000 in new bonds; and (2) a potential tax-refunding (refinancing) transaction with a maximum principal amount presented as $48,000,000 intended to generate interest-cost savings.
The advisors said voters in November 2022 authorized a $240 million program and the district had issued most of that authorization but planned to issue the remaining authorization in a $60 million new-money transaction. The advisors…
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