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Woodland Hills hears refinancing plan to save district money and fund Wilkins roof
Summary
Financial adviser Joe Muscatello told the school board the district could refund the 2018 bond series to realize roughly $2.5 million in savings under current rates and use proceeds to help pay for the estimated $2 million Wilkins roof project; board members pressed for timing, rating costs and contingency plans if markets shift.
Joe Muscatello, a representative of Stifel Nicolaus, told the Woodland Hills School District board that the district—s 2018 bond series (about $43.88 million outstanding) is a candidate for refunding and could yield significant budgetary savings. "We did the original new money issues for your projects, and now we're back with the refinancing. I always like coming back with the refinancing because we're giving you something back here in terms of, savings," Muscatello said during the meeting.
Muscatello said the district currently pays roughly $8.8 million a year in debt service and that the 2018 series carries coupons in the 4–5% range. At present municipal-market levels, the district could…
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