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Board briefed on plan to refund 2016 bond; advisor projects about $1.28M in savings
Summary
Superintendent and financial advisor presented a plan to refinance the district's 2016 bond that Mr. Roche said could save taxpayers about $1,280,000 over the life of the bonds; the Board was told a bond resolution would be brought forward in November and the matter is on the Oct. 15 Consent Agenda.
Superintendent Dr. R. Roberts introduced a proposal to refund the district's 2016 bond, telling the Board the issue would be brought back for formal action next month. Financial advisor Bill Roche projected the refinancing would lower the district's interest rate from about 5% to roughly 3.25% and produce savings for taxpayers.
"[W]e can save our taxpayers some additional money," Bill Roche said, estimating "approximately $1,280,000 over the bond's lifespan," which he translated to roughly $110,000 a year in reduced debt costs. Roche told the Board there would be no cost to the district should the refunding proceed and said the process would move forward with a bond resolution in November if the Board approves the plan.
Dr. Roberts told members the item would be placed on the Consent Agenda for the Oct. 15 action meeting. Board members asked questions about timing and the potential effect on the debt levy; Dr. Roberts and Roche said the refinance could reduce the levy if market conditions hold. No formal vote was taken at the briefing; the Board will consider a resolution in the next meeting cycle.
