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Milton board hears plan to defease $4.275 million in bonds, staff aim to cut $2.9 million in interest costs
Summary
A Baird analyst told the Milton School District board the district can escrow roughly $4.275 million to defease 2019 bonds callable on 03/01/2027, shortening the debt schedule and producing combined savings of about $2.9 million when combined with an earlier defeasance. Board action is expected March 9.
The Milton School District board received a detailed briefing on a proposed defeasance of about $4.275 million in debt tied to bonds sold in 2019, a move district consultants say will shorten the borrowing schedule and reduce future debt service.
Kevin Mullen of Baird, invited to the board after a finance-committee review, explained the mechanics and timeline for the transaction. “This defeasance is actually the action of paying off the debt,” Mullen said, describing how the district would place…
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