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Del Valle ISD financial advisers outline plan to issue $20 million in authorized bonds, pursue refunding and defeasance
Summary
Del Valle ISD financial advisers presented an information-only plan on Aug. 5 that would issue $20 million of previously authorized 2022 bond funds, pursue a refunding to capture interest-rate savings and—if local property values permit—use tax collections to defease about $27 million of outstanding debt.
Del Valle ISD financial advisers told the school board on Aug. 5 that the district is positioned to issue previously authorized bond proceeds and pursue opportunities to lower debt service costs if market rates continue to fall.
At an information presentation, Rudy Mejia of Nickel Hayden Advisors described a plan of finance that would (1) issue about $20,000,000 of previously authorized but unissued 2022 bond proceeds for capital projects, (2) pursue a refunding of callable bonds to capture present-value interest savings and (3) use excess tax collections to defease roughly $27,000,000 of outstanding bonds if property values come in higher than current estimates. Mejia said the team would target roughly 5%…
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