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Mechanicsburg board hears bond refunding results; staff report roughly $439,000 net savings
Summary
District officials reported results of an auction to refund a portion of the 2018 bond issue, saying the lowest-bid true interest cost was about 2.84% and that net savings after costs are approximately $439,000. The board was asked to authorize issuance and adopt a resolution to refinance selected 2018 bonds.
Mechanicsburg Area School District officials told the school board on Oct. 7 that an auction to refund part of the district's 2018 bond issue produced competitive bids and is expected to yield net savings.
A district finance presenter summarized the auction results and said nine firms submitted bids; the lowest true interest cost reported was about 2.84 (Janney Montgomery Scott), with a close spread among bidders. The presenter explained the district chose not to include a call feature on the new issue to maximize savings, and he pointed to a one‑page summary…
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