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Pampa ISD board approves $72 million Series 2024 school-building bond issuance
Summary
The Pampa ISD Board approved the issuance and sale of the Series 2024 Unlimited Tax School Building Bonds that will produce approximately $72 million in project proceeds; the sale carries a final true interest cost of 4.28% and is scheduled to close Sept. 25, 2024.
Jason Hughes, Senior Managing Director for Hilltop Securities, presented the financing terms for Pampa Independent School District’s Series 2024 Unlimited Tax School Building Bonds, saying, "Final par amount is $70,650,000 • Produces $72,000,000 in project proceeds • Final true interest cost of 4.28 % • Callable in 10 years – August 15, 2024 • Schedule to close on Tuesday, September 25, 2024 • Standard & Poor and Fitch both affirmed the District’s A+ Credit ratings • The Permanent School Fund Guarantee (PSF) was available as insurance on the bods, raising the credit rating to AAA by Standard & Poor."
Heath Parker, the district’s chief financial officer, reviewed an order authorizing the issuance of the bonds and recommended approval. The board voted unanimously to approve an order authorizing the issuance and sale of Pampa ISD unlimited tax school building bonds, Series 2024, in the approximate aggregate principal amount of $72,000,000 and to authorize related agreements including a paying agent/registrar agreement and bond purchase agreement. The order also approved the official statement and other provisions incident to the issuance.
The bond sale is scheduled to close on Sept. 25, 2024. The district was told Standard & Poor’s and Fitch affirmed an A+ rating and that the Permanent School Fund guarantee could elevate the rating to AAA for underwriting purposes. The bond documents and sale procedures were presented by Hilltop Securities and reviewed by district staff before the unanimous vote.
