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Board approves refunding of part of GEO bonds, estimates $400,000 in savings
Summary
A district staff member said the board approved refunding a portion of the district's GEO bonds; the move is expected to save roughly $400,000 on the debt service levy if market conditions hold and the refunding completes by March.
The board approved refunding a portion of the district's GEO bonds after a presentation by Dr. Brent Blevens of Piper Sandler, a staff member said.
"It'll save patrons save us about $400,000 in our debt service levy," the staff member said, describing the plan to put the bonds on the market and "test the waters" with the goal of completing refunds by March. The staff member added that market trends have moved favorably since earlier conversations, shifting the potential savings by tens of thousands of dollars.
No vote totals or motion text were provided in the update; the staff member characterized this item as an approved board action that will be returned to the district as refunded bonds once the market process concludes.
