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Monticello board authorizes pursuit of tax‑exempt refunding that could lower future debt levies
Summary
The Monticello School Board voted 6-0 Oct. 6 to approve a resolution authorizing the district to pursue a tax‑exempt refunding of part of its outstanding 2016 bonds, a move advisers said could yield roughly $300,000–$400,000 in future debt‑service savings that must be returned to property taxpayers through lower levies.
The Monticello School Board on Oct. 6 voted unanimously to adopt a resolution authorizing staff to pursue a tax‑exempt refunding of a portion of the district’s outstanding school building bonds.
The move follows analysis from the district’s financial adviser, who said a portion of the district’s 2016 bonds becomes callable in 2026 and that refinancing part of the issue now could lower interest costs and produce debt‑service levy relief for property owners. The board’s resolution authorizes a Series 2025A refunding issue with an aggregate principal amount not to exceed approximately $26,700,000.
The action matters because state law requires…
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