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School board approves resolution to pursue $40.39 million refunding bonds; district projects $700K–$800K taxpayer savings
Summary
The Farmington School Board approved a resolution to begin the tax-exempt refunding process for 2016A school building bonds (Series 2025A) with state credit enhancement; staff said the refunding targets maturities from 2028–2031 and is estimated to save taxpayers roughly $700,000–$800,000.
Director Jane Huska introduced the administrative action and said refunding bonds is like refinancing a mortgage; the savings flow to taxpayers rather than the district. "If people can just think of it as refinancing your mortgage," Huska said.
Aaron Bushberger of Ehlers reviewed the presale report and the refunding structure. The district would pursue tax-exempt refunding for portions of the…
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