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Springfield Township SD advisers recommend partial refunding of 2018 bonds, request parameters resolution for Feb. 17 vote
Summary
PFM Financial Advisors told the finance committee the district can partially refund a 2018 bond series to lock in market savings (~$206,868 estimated net) and proceed with a new‑money sale to complete middle‑school financing; the board is being asked to adopt two parameters resolutions at its Feb. 17 meeting to permit flexible timing of the sales.
PFM Financial Advisors presented a two‑step 2026 financing plan to the Springfield Township SD Finance Committee on Jan. 28 that would (1) refund a portion of the district’s outstanding 2018 bonds to capture lower market rates and (2) sell new‑money bonds to complete middle‑school financing.
Jamie Doyle of PFM said the district’s outstanding 2018 series totals $38,800,000, that the call date has passed and that the coupons on that series range from about 3% to 4% with final maturity in 2039. “We’re suggesting that we simply replace the old higher interest rates with today’s lower rates,” Doyle said, describing the refunding as analogous to refinancing a home mortgage but without extending maturity.
PFM’s example proposes refunding slightly more than $10,000,000 of the 2018 issue, which the firm estimates would produce about $206,868 in net…
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