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Centennial SD moves to refinance 2017 bonds; board to consider authorization in June
Summary
District finance advisers presented a plan to refinance Centennial SD’s 2017 bonds with a possible follow-up refinancing of 2018 bonds, estimating about $600,000 in total savings under current market assumptions and asking the board to authorize the financing team to prepare parameters in June.
Centennial SD’s finance advisers told the school board they plan to pursue a refinancing of the district’s 2017 bond series and lay groundwork for a 2018 refinancing, saying the transactions could lower the district’s debt service by roughly $40,000–$50,000 a year and about $600,000 in total under conservative market assumptions.
The advisers said the district would only execute any refinancing if it met board-approved minimum-savings parameters. Garrett Moore, a financial adviser with PFM, and Tim Care, an underwriter with PNC, presented the timetable and savings outlook and said state and federal market developments could increase or reduce the final savings.
The plan matters because the district’s 2017 bonds (series A, B and D) have call dates later this year and refinancing them at lower interest rates would reduce the district’s recurring…
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