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Board previews $70 million "not to exceed" bond refunding resolution; Raymond James will present next week
Summary
Directors reviewed a resolution to authorize refunding bonds with a 'not to exceed $70,000,000' cap to allow flexibility on timing and amount. Mrs. Weaver said Raymond James will present next week and outlined potential savings and arbitrage scenarios across a 13‑year term.
The board reviewed Agenda Item 6.01, a resolution to authorize the district to refund outstanding bonds with a "not to exceed $70,000,000" cap.
Mrs. Weaver explained the higher cap provides flexibility on timing and amount when Raymond James executes the transaction. In committee materials presented earlier, staff showed a scenario comparing paying an additional $2,000,000 toward 2018 bonds versus investing those funds; one scenario projected approximately $635,000 in savings over the remaining 13‑year life of the bonds under certain assumptions. Mrs. Weaver also summarized positive arbitrage examples (presented as percentage scenarios) and said Raymond James will be at next week’s meeting to answer technical questions.
Board members noted timing and market conditions could alter net savings and asked that the district’s financial advisor present before the board votes. The board will consider a motion to approve the resolution at its Nov. 18 business meeting when Raymond James is present.
