Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
District says it sold $66 million in bonds at 4.76% and has updated appraisal in hand if property becomes available
Summary
District staff told the board the district sold bonds totaling $66,000,000 at a 4.76% interest rate and said it has requested an updated appraisal for adjacent property to be ready for potential purchase discussions.
District staff reported that the district sold bonds and provided context for the timing of the sale and an update on nearby property interest.
A district staff speaker said the district paused earlier plans to sell when market rates spiked, monitored market movement and later sold bonds at an interest rate of 4.76 percent. The speaker said the district was not in an urgent need for funds and therefore did not conduct a "fire sale," and that market timing influenced the decision. The speaker also said the district has $66,000,000 reported on the bond transaction.
On property next door, staff said the owners requested an appraisal, and that the district requested an updated appraisal so the district will have current numbers ready if the owner decides to sell. The district said it does not know what the owner’s appraisal will show and that updated district numbers will enable more timely conversations.
What’s next: Staff said they will share updates as appraisals and potential negotiations proceed. The board did not take a purchase vote at the meeting.
