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Financial advisers outline refinancing to protect levy rate and create replacement-bond capacity
Summary
Piper Sandler advised the board on taxable advance refunding scenarios for Centennial's 2020 bonds that could produce cash savings (estimated $1.4M to $2.8M in scenarios) and create capacity for a $14M—24M replacement bond when layered with a state matching grant of $10.2M.
Centennial School District financial advisers presented options for refunding a portion of the district's 2020 general-obligation bonds to preserve the communicated $1.19 levy-rate space and create capacity for a smaller replacement bond.
David Williams, director in Piper Sandler's public finance group, said the district's assessed-value growth has created a window of capacity that can be used to refinance some long-term maturities now and "layer some additional capital funding" ahead of a planned community conversation. Williams walked through a short taxable advance refunding that would accelerate…
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