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Bastrop ISD board adopts defeasance and refunding orders, citing multimillion-dollar savings
Summary
Trustees unanimously approved orders to defease callable bonds and issue refunding bonds, with a presentation estimating at least $5.15 million in potential savings and noting $425 million in callable debt and more than $8 billion in taxable value.
Bastrop Independent School District trustees voted unanimously Sept. 17 to adopt orders authorizing the defeasance of certain outstanding obligations and to issue Unlimited Tax Refunding Bonds. Josh McLaughlin of BOK Financial Securities told the board the district holds roughly $425 million in callable bonds and that a refunding program could realize a minimum projected savings of $5.15 million if market conditions and the board-approved parameters are met.
McLaughlin also noted the district has saved about $39.7 million through past debt-management strategies since 2014 and that the district's total taxable value exceeds $8 billion, both factors that influence bond capacity and tax revenue. Trustee Chris Dillon moved to adopt the defeasance order; Matthew Mix seconded, and President Ashley Mutschink called the vote, which carried unanimously.
