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Finance staff reports Series 2025C bond sale, millage calculation and refinancing watch
Summary
Staff told the finance committee the district sold Series 2025C bonds on Aug. 6 with delivery Aug. 28 for about $30 million; the lowest bid returned at sale was 2.297% (JPMorgan). Staff said they are monitoring a refinancing window with a $1.5 million minimum savings threshold and explained the 36.3‑mill debt‑service calculation used for tax billing.
Finance staff updated the committee on debt‑service activity, including a recent bond sale and ongoing monitoring of refinancing opportunities.
Staff said the district sold Series 2025C bonds on Aug. 6 with a delivery date of Aug. 28 for about $30 million in debt to fund projects; at the sale the lowest bid returned was 2.297% (JPMorgan). Staff said they did not need a fresh credit‑rating review for this sale and that the lower interest rate environment reduced the district’s interest costs compared with prior issues.
The CFO said staff are watching the market for a refinancing window that would yield at least $1.5 million in net savings after accounting for bond counsel and advisory fees before pursuing refunding. Staff also presented the debt‑service millage summary used to calculate the debt‑service rate (36.3 mills) and noted the schedule of principal and interest payments over the next 18 months that inform that computation.
No action was required on the update; staff said they would return with any refinancing recommendation should market conditions make it worthwhile.
