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Westonka captures roughly $5.2 million in interest savings after bond sale; board approves bond resolution
Summary
Financial adviser Matt Hammer told the Westonka School Board that a bond sale produced roughly $350,000 in debt-service savings on a refunding and about $5.2 million less in total principal-and-interest cost compared with earlier estimates; the board approved the bond-resolution by voice vote.
Matt Hammer of Miller's told the Westonka School Board on the evening it held its January meeting that this morning’s competitive bond bids produced significantly better financing terms than the district had expected. "We were able to capture about $350,000 in debt service savings," Hammer said, and, he added, the district is "about $5,200,000 of less" principal-and-interest cost than projected under earlier assumptions.
Hammer said the sale drew 12 bidders and that the district captured a larger-than-expected net premium and a purchase price near 105 percent of par. After a downsizing of some components,…
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