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District financial adviser says $30 million bond refunding still viable despite volatile market
Summary
PFM consultant Scott Shear told the Bethlehem Area School District finance committee that the district99s planned roughly $30 million refinancing (Series 2015A) remains above the board99s 3% net-savings threshold despite recent market volatility; final pricing will depend on short-term market moves and a reaffirmed credit rating.
Scott Shear, a financial consultant with PFM, told the Bethlehem Area School District finance committee on April 14 that the district99s proposed refunding of roughly $30 million in outstanding debt remains achievable but depends on near-term market conditions. "We have just about everything in place to do the refinancing," Shear said, while cautioning that market swings could change the economics overnight.
Shear said the board approved a refunding resolution last month that includes an execution threshold: the district will only proceed if net present-value savings exceed 3 percent. "So roughly on a $30,000,000 transaction, it's about $900,000 of net…
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