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Tarkington ISD moves to defease portions of Series 2021 bonds to realize interest savings
Summary
The Board adopted an order to defease and redeem portions of the district’s Series 2021 bonds, directing roughly $1.89 million (including an Aug. 2026 interest payment) toward 2027–2029 maturities and estimating $105,876 in net interest savings for 2026. The action passed by recorded vote.
The Tarkington ISD Board voted April 20 to adopt an order authorizing the defeasance and redemption of certain outstanding Series 2021 obligations. The district’s financial advisor, Joey Dawson of LiveOak Public Finance, told the Board the district could use approximately $1,894,564 (including the August 2026 interest payment) to redeem portions of bonds maturing in 2027, 2028, and 2029.
Dawson presented estimated net interest savings of $105,876 associated with the 2026 defeasance and summarized prior principal and interest reductions—about $4,995,000 in cumulative principal reductions and roughly $791,253 in total interest savings from earlier defeasance actions. The Board adopted the order by a recorded vote (Yea: 6, Nay: 0, Absent: 1).
Board materials indicate the defeasance is intended to apply excess I&S revenue now available in the 2025–2026 collections. The motion was made by Kevin Johnson and seconded by Paige Bostwick; the minutes note Superintendent Dr. Elna Davis's role in reviewing and helping position the district to pursue the opportunity.
