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Investment oversight committee reviews portfolio; board-support reported for $226M in bond proceeds
Summary
Committee chairman Jeff Woahy reported on portfolio performance and said the committee supported a 2024 sales tax bond issued with proceeds of $226 million (par $215M, premium $22.8M) at a 3.61% TIC over 15 years to fund school renovations.
Jeff Woahy, the investment oversight committee chairman, presented the committee's annual report to the board on Jan. 13 and summarized the district's investment activity. He told trustees the committee's primary role is independent review of the investment portfolio to ensure compliance with policy objectives of safety, liquidity and return.
Woahy said the district issued a sales-tax bond in 2024 with a par amount of $215,000,000 and a premium of $22,800,000; the issuance carried an all-in true interest cost of 3.61% for a 15-year term, producing proceeds of $226,000,000. The bonds will fund renovations at Gulf Middle, West Suffer Hills Elementary, Cypress Elementary and Pasco High.
On investment performance, Woahy reported fiscal-year investment income of $21,909,000 with a market-value change of $1,148,000, for a total increase in portfolio value of $23,058,000 over the year. Board members thanked the committee for its oversight; Mrs. Armstrong highlighted the committee's probing questions for advisors and staff.
