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Board approves defeasance resolution for 2021 refunding bonds, board says move will save interest and increase state aid
Summary
The board adopted a resolution to establish an escrow and defease portions of the district's General Obligation Refunding Bonds, Series 2021 (dated Aug. 2, 2021), a move staff said will reduce net debt-service costs by about $587,166 and increase state aid by an estimated $1,254,295.
The Wisconsin Rapids School District board on April 14 approved a resolution authorizing the transfer of funds and establishment of an escrow account to defease portions of its General Obligation Refunding Bonds, Series 2021 (dated Aug. 2, 2021). District finance staff said the action will remove approximately $3,950,000 of principal from future debt-service schedules for the identified callable years…
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