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Urbana SD 116 board authorizes bid to refinance 2017 bonds to seek modest savings
Summary
The Urbana School District 116 board unanimously authorized staff to solicit bids to refinance 2017A bonds tied to the Yankee Ridge project after a Stifel advisor said current rates could yield modest net savings of roughly $26,000; the action requires no public hearing and will proceed only if it saves money.
The Urbana School District 116 board on Sept. 16 voted to authorize staff to solicit bids to refinance a portion of outstanding 2017A bonds that originally financed the Yankee Ridge project.
Ann, the district’s Stifel presenter, told trustees the district has about $9 million remaining in outstanding bonds and roughly $7.8 million is eligible for refunding. Based on current market levels she estimated the refinance could produce about $26,000 in net savings after fees, but…
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