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PVP USD board authorizes up to $10 million bond refunding, sets savings floor
Summary
The Palos Verdes Peninsula Unified board approved a resolution authorizing up to $10 million in general obligation refunding bonds and directed staff to proceed only if the higher of a 3% net-present-value savings or $400,000 net savings (after issuance costs) is achievable.
The Palos Verdes Peninsula Unified School District board on March 25 approved a resolution authorizing district staff to pursue the refunding of portions of the district’s 2014 and 2016 general obligation bonds, up to $10 million, to take advantage of favorable market conditions and reduce long-term property-tax costs for taxpayers. The board voted 5–0 to adopt the resolution with a directive to capture the greater of a 3% net-present-value savings or $400,000 in net savings (after issuance costs).
The vote followed a detailed presentation and extended question-and-answer session with municipal advisor John Isom, who joined by video. Isom…
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