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Board reviews preliminary plan to refinance 2016 bond, staff says savings likely near $1 million
Summary
Finance staff presented a preliminary term sheet proposing refinancing the district's 2016 bond through a bank loan with a blended rate near 4.6%; after fees and accrued interest, staff estimated net savings of roughly $900,000–$1.1 million over seven years and shorter amortization (nine years).
"I've been talking with our bank, Pinnacle," said the presenter identified as Mr. Smith, describing a preliminary term sheet to refinance the district's 2016 bond. The bank proposed a blended interest rate around 4.6 percent; staff said the refinance would be structured as a bank loan that purchases the outstanding bonds.
Smith…
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