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Board reports $135 million bond sale; district to refinance 2017 issuance and award investment manager to OceanFirst
Summary
Administrators reported the district sold bonds with Jefferies as winning bidder at a 4.0596% rate, anticipates refinancing callable 2017 bonds to save about $100,000 per year, and the board approved OceanFirst Bank as investment manager for referendum proceeds.
School business officials told the board the district completed a competitive bond sale and accepted the lowest true interest cost bid. The administration reported six underwriters submitted bids and Jefferies was awarded the $135 million issuance with a reported rate of 4.059602%.
The financial presentation noted that the final interest rate was about five basis points higher than projections prepared during the referendum discussion and that bond counsel and the district's financial adviser estimated the difference would increase annual debt service by roughly $2 compared with projections used…
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