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Plano ISD board authorizes refunding of 2016 bonds, delegates sale parameters
Summary
The Plano ISD Board unanimously approved an order to issue unlimited-tax school refunding bonds Series 2025B to refinance callable 2016 bonds, delegating sale parameters to district officials and setting limits on principal, interest rate and present-value savings.
The Plano Independent School District Board of Trustees on Oct. 7 unanimously approved an order authorizing issuance and sale of unlimited-tax school refunding bonds, series 2025B, and delegated authority to district officials to complete the sale within specified parameters.
The action responds to callable portions of the districts outstanding 2016 bonds and aims to reduce interest costs while keeping the districts final maturity date unchanged. Laura Alexander of Hilltop Securities, who presented the financing options, said the proposed refunding could produce about $12,600,000 in total (gross) savings and about $7.5 million in present-value savings under current market assumptions. "The current market situation is showing about $12,600,000 in total savings," Alexander said during her…
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