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Board hears proposal to delegate authority for parameter refunding of 2016 bonds to seek modest debt-service savings
Summary
Underwriter and bond counsel presented a proposed parameter sale to refund callable 2016 unlimited-tax school building bonds (about $11.6 million outstanding) that could yield approximately $1.24 million in present-value savings over roughly 11 years; staff recommended delegating pricing authority to district officers and timing the sale later in the summer, subject to market thresholds.
Bond underwriters and the district's bond counsel briefed trustees on a proposed parameter refunding order that would allow the district to refund some callable 2016 unlimited-tax school building bonds to achieve debt-service savings.
Underwriters said approximately $11.6 million of the 2016 bonds remain outstanding and that, given current market conditions, a refunding could generate roughly…
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