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Lancaster ISD hears BOK Financial briefing on debt, I&S options including bond prepayment at current tax rate
Summary
BOK Financial told trustees Aug. 13 the district has roughly $14 million in excess I&S revenue under a 43.75¢ I&S rate and could prepay about $13.3 million of callable bonds without a tax-rate increase; recent state law changes and TEA guidance affect how districts adopt or advertise I&S rates.
Lancaster ISD trustees on Aug. 13 received a presentation from BOK Financial on the district’s debt portfolio and options for using interest-and-sinking (I&S) revenues to prepay debt without increasing taxpayers’ bills.
The presentation, delivered by Allison Long of BOK Financial, said the district has actively managed its debt through refundings and prepayments and has “saved more than 57,000,000 of interest cost savings for taxpayers, by actively managing its debt portfolio.” Long showed examples that, under a 43.75¢ I&S tax rate, the district would generate about $14,000,000 in excess I&S collections that could be used to prepay approximately $13,300,000 of…
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