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Board approves $2025 bond refunding that trims $3.3 million in net present value debt service
Summary
Commissioners approved a budget amendment to allocate proceeds from the county’s Capital Improvement Non‑Ad Valorem Revenue Refunding Bond Series 2025 to pay issuance costs and refund $56 million of 2015 bonds, producing nearly $3.3 million in net present‑value savings (about 11.1%).
Hillsborough County on Oct. 1 approved a budget amendment allocating proceeds from its Capital Improvement Non‑Ad Valorem Revenue Refunding Bond, Series 2025, to pay issuance costs and refund part of the county's Series 2015 bonds.
Kevin Brickey of Management & Budget said the county used proceeds from the 2025 sale to refund approximately $56,000,000 of outstanding 2015 bonds and pay associated issuance costs. Brickey said the refunding achieved approximately $3,300,000 in net present value savings, representing about an 11.1% savings on the refunded portion.
The board moved to approve the FY26 budget amendment and recorded a unanimous vote in favor.
Next steps: County Management & Budget will implement the refunding transactions and report back on final accounting.
