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Bryan ISD to defease $2.2M in bonds, board says it will save about $937,000
Summary
Trustees approved an order to defease and redeem roughly $2.2 million of outstanding bonds after a presentation from Specialized Public Finance, which projects savings of about $937,000 in interest and increased future debt capacity without raising the 2024 tax rate.
Bryan ISD trustees voted Sept. 9 to authorize the defeasance and redemption of portions of the district's Series 2013 and Series 2023 bonds, a step the district says will lower future interest costs and expand debt capacity.
Assistant Superintendent Kevin Beesaw introduced Steven Adams of Specialized Public Finance, who outlined the history of the district's bond activity and said the early redemption "will save the district roughly $937,000 in future interest payments." Adams said higher-than-expected property valuations and lower-than-anticipated interest rates on new money bonds created capacity to redeem the identified issues without increasing the 2024 property tax rate.
Trustee Leo Gonzalez II moved adoption of the order authorizing the defeasance and redemption, Trustee David Stasny seconded, and the motion passed unanimously.
