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Board adopts resolution to pursue $1.3M taxpayer savings through bond refunding
Summary
Financial advisor John Isom told the board a potential refunding of 2016 general-obligation bonds could yield about a 7% present-value savings and roughly $1.3 million in gross taxpayer savings; the board adopted a resolution authorizing the refunding parameters.
John Isom of Isom Advisors told the Hermosa Beach City School District board that the district is eligible to refund its 2016 general-obligation bonds now that the 10‑year call date has arrived. “The present value savings percentage in this case is 7%,” Isom said, adding that on a gross basis the refunding could yield “about $1,300,000 in taxpayer savings.” He explained options for how savings are realized (level debt service, deferred savings, or upfront savings) and outlined the timeline for rating, pricing and closing if the board authorized the legal parameters.
After Isom’s presentation staff recommended a resolution authorizing issuance of general obligation refunding bonds; the board voted to adopt the resolution (motion, second, unanimous 'aye' on the record). Staff and district counsel were available to answer questions about legal documents and next steps; the district indicated a projected close in May and an Aug. 1 redemption date if the schedule holds.
