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Hobbs board authorizes early payoff of Series 2023 bonds, board hears estimated $273,000 interest savings
Summary
Board approved a defeasance resolution authorizing up to $2,010,000 to defease selected 2023 bond maturities; advisers estimated about $273,000 in interest savings from a recommended $1,900,000 payoff and the board approved the transaction by roll call.
The Hobbs Municipal Schools board voted to authorize a defeasance transaction to prepay portions of the district's Series 2023 bonds.
Bond advisers told the board that over the last five years the district has defeased roughly $15.4 million of bonds, saving about $2.3 million in interest. For the current transaction, advisers recommended defeasing $1.9 million of…
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