Peaster ISD board approves refunding bonds, defeasance and hires bond counsel

The Peaster Independent School District Board of Trustees voted unanimously March 23 to authorize the issuance of unlimited tax refunding bonds and to adopt a separate order approving defeasance and redemption of certain outstanding district obligations. The motions followed a presentation from John Blackburn of Live Oak Public Finance explaining bond defeasance and refunding mechanics and financial rationale.

"Mandy Cross made a motion to approve and take action to adopt an Order Authorizing the Issuance of Peaster Independent School District Unlimited Tax Refunding Bonds," the minutes record; the motion, seconded by Leanna Stafford, passed 7–0. Trustees also approved a defeasance order moved by Vice President Mike Bowling and seconded by Laura Stewart, with the board recording For: Cross, Stewart, Stafford, McKinley, Bashore, Bowling, and Sharp. Against: None. Motion passed 7-0. The board additionally adopted a resolution to engage Leon, Alcala, Morse & Reynolds, PLLC as bond counsel, finding specialized services and approving a contingency-fee engagement.

The actions position the district to pursue refunding opportunities discussed by the district's financial adviser to reduce interest costs or restructure outstanding debt. The board did not specify final par amounts, series structure, or a closing date in the public minutes; those issuance details were not specified in the transcript.