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Board authorizes pursuit of bond refunding preparations to preserve potential taxpayer savings
Summary
Board members approved a set of resolutions authorizing staff to pursue refunding of multiple bond series if market conditions permit. Municipal advisors said the authorizations do not obligate immediate borrowing and are intended to enable timely action if rates become favorable.
The Little Miami Local Board of Education approved several resolutions authorizing the district to pursue refunding opportunities for multiple outstanding bond series and to prepare documentation needed to act if market conditions allow.
Bradley Payne Advisors' municipal advisor, Andy Burrowsart, told the board the district currently has several voted bond issues outstanding and that a window of opportunity exists to reduce future interest costs if rates move favorably. He described call protection periods, credit ratings in the double-A minus range and the role of state credit enhancement in improving market pricing.
"You can't refinance bonds every year — there are call protections — so we need to be strategic," Burrowsart said, outlining how the district might shave interest costs without increasing principal beyond what voters authorized. He said prior refundings in 2016 produced substantial long-term savings when timing aligned.
The board approved a series of resolutions (listed in the meeting materials as resolution 26 0 0 7 and companion resolutions covering other series, and a combining resolution 26 0 1 1) to allow staff to pursue authorization and state credit enhancement if appropriate. Board members emphasized these votes do not commit the district to immediate issuance — they simply authorize preparatory steps so the district can act quickly should rates fall.
The motions passed by roll call. Board members noted that approval gives flexibility; no immediate bond sale will occur unless pricing and legal review indicate meaningful savings.
Next steps: Staff and the municipal advisor will continue market monitoring and return to the board with a specific refunding plan and detailed savings estimates if and when a viable window opens.
