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BET authorizes partial refunding of 2018 GO bonds, staff estimate $1.9M in interest savings
Summary
The Board authorized a resolution to allow a partial refunding of the city's 2018 general obligation capital improvement bond series, with staff estimating roughly $1.9 million in interest‑cost savings if market conditions hold.
The Board of Estimate and Taxation voted July 22 to authorize a resolution permitting the city to pursue a partial refunding of its general obligation capital improvement bonds, series 2018, which financed the public service building and the East Side storage facility.
"We do estimate approximately, $1,900,000 in interest cost savings right now, where we do refund these," Dave Wheeler, the city's Director of Banking, Investments and Debt, told the BET. Wheeler said the plan is to call maturities through 2036 and retain longer maturities outstanding to preserve flexibility; he noted actual savings will be determined on the sale date.
The resolution discussed (2220-2026-009) would authorize issuance sufficient to refund the entire issue but staff expect the action to be a partial refunding tied to the city's multi‑purpose bond issuance. BET moved, seconded and approved the resolution by roll call: Olsen, Payne, Vice President Bernstein and President Brandt voted aye (4 ayes).
