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Board hires PMA Securities as municipal adviser; advisers outline refunding and new‑money strategy tied to lease certificates
Summary
The board approved PMA Securities to advise on debt issuance and refunding. PMA presented options to refinance 2014/2015 capital appreciation bonds, use non‑referendum bond authority to meet lease certificate payments, and timelines aligned to a Feb. 28 levy deadline.
The board voted Jan. 13 to retain PMA Securities as the district’s municipal adviser to assist with debt issuance and refunding. The authorization passed by roll call.
PMA senior vice president Bob Lewis reviewed the district’s debt profile, explained the debt‑service extension base (the tax‑cap‑law measure that limits non‑referendum debt service) and described refunding opportunities for older capital‑appreciation bonds that are callable in the coming months. Lewis said two series (notably 2014 and 2015…
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