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District 25 financial advisers recommend refunding Series 2017 bonds to save roughly $210,000 a year
Summary
Raymond James told the board refinancing the Series 2017 limited‑tax bonds callable Dec. 1, 2026 could yield about $210,000 in annual taxpayer savings through final maturity in 2033 and about $1.0 million in present‑value savings (6.72% PV savings); a parameters resolution is set for possible board approval Aug. 18.
Stacy introduced representatives from Raymond James who reviewed current market conditions and a proposed refunding of the district’s Series 2017 limited‑tax bonds, which become callable Dec. 1, 2026. The presenter said strong demand for tax‑exempt municipal bonds and recent favorable inflation data create an opportunity to refinance at a lower rate; Raymond James projected refunding at roughly 3.31% versus the current about 5% coupon, producing about $208,000 in annual savings and just under $1,000,003 in present‑value savings.
Raymond James recommended the board consider approving a parameters resolution at the August 18 meeting that would authorize a competitive sale around Aug. 25 and a closing around Sept. 16, with old bonds called Dec. 1, 2026. Presenters emphasized this would not extend the term beyond the current schedule; the refunding would match the same final maturity (expected 2033). Board members asked clarifying questions about term length and structure; no vote occurred at the July 21 meeting — the board packet included a draft resolution for consideration in August.
