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Finance staff say ESIP bond refunding could net roughly $600,000 in savings
Summary
Finance staff told the board they are monitoring opportunities to refund 2017 ESIP bonds and that a potential refund would yield a present-value savings of about 3.6%, approximately $600,000 over the life of the bonds (about $40,000 per year), if the district proceeds.
A district finance official briefed the board on a potential bond-refunding opportunity for the district’s 2017 ESIP bonds. The official said financial advisors monitor markets and will bring resolutions forward if present-value savings exceed the district’s 3% threshold.
"It'll save us about $600,000 through, the year 2038 or about $40,000 a year, but the present value savings will be 3.6%." the finance speaker said, characterizing the projected savings if the district executes the refunding. The official added that advisors will recommend proceeding once the savings opportunity meets the established threshold and that the board would see a formal resolution when the district is positioned to act.
