Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Management topic
No spam. Unsubscribe anytime.
Trustees approve defeasance and call for redemption of certain district debt
Summary
The Canutillo ISD board approved an order authorizing defeasance and redemption of specified outstanding debt obligations and authorized district officials to execute an escrow agreement and effectuate the redemption.
The Canutillo ISD Board of Trustees voted Sept. 10 to approve an order authorizing the defeasance and calling for redemption of certain currently outstanding district debt obligations, the minutes show.
The motion authorizes district officials to effectuate the redemption and to execute an escrow agreement and resolves other matters in connection with the defeasance. The motion was made by Mrs. Trout and seconded by Mr. Simental; the minutes record "All in favor, motion passes." The minutes do not list specific bond series, principal amounts, or escrow counterparties.
Trustees asked how the defeasance payment affects total debt on previous bonds during the subsequent tax-rate presentation; district staff stated the timing and final numbers are not finalized until February 2025 and confirmed the district had authorized making an extra payment toward total debt. The minutes do not record further financial details required to calculate post-defeasance outstanding debt.
