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Mahtomedi board ratifies sale of refunding bonds, expects $1.5 million taxpayer savings
Summary
The Mahtomedi school board approved a resolution ratifying the sale of $20.85 million of 2025A refunding bonds to replace 2014 bonds; the districts municipal advisor and the successful bidder reported about $1.5 million in present-value savings and a true interest cost of 2.97%.
The Mahtomedi Public School District board on Monday approved a resolution ratifying the award of sale for $20,850,000 in refunding bonds, authorizing issuance of Series 2025A bonds to replace outstanding 2014 bonds.
The measure passed after a presentation from Matthew Hammer, the districts financial adviser, who told the board the timing captured a market dip and produced favorable results. "We saved about $1,500,000 for taxpayers," Hammer said, and KeyBank was the low bidder with a reported true interest cost of 2.97…
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