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San Patricio County court approves plan to pursue refinancing of 2015 general-obligation bonds
Summary
Commissioners authorized staff to pursue a refinancing plan and delegated limited authority to finalize a possible sale of refunding bonds, with a requirement the deal meet preset savings and timing parameters.
San Patricio County Commissioners Court on Monday authorized staff to pursue a financing plan to refinance a portion of the county’s outstanding general-obligation debt and approved a refunding order that would let county officials finalize a sale if market conditions meet thresholds set by the court.
The court approved a plan to consider issuing a general obligation refunding bond, series 2025, in an approximate amount of $9,125,000 and adopted a refunding order that delegates authority to a county official to execute final sale documents only if the transaction meets the court’s parameters. Tony Hossa, the county’s financial adviser for the refinancing presentation, told commissioners the county could realize roughly $581,400 in gross debt-service savings from the refinancing and a present-value savings of about $458,112 if rates stayed near the levels run in the…
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