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Burleson ISD awards investment manager, joins Texas CLASS and approves bond defeasance with $13.29M savings
Summary
The board awarded investment management services to TCG Groupholdings, authorized participation in the Texas CLASS public funds pool, and approved a defeasance of portions of the Series 2016 and 2020 refunding bonds that the board said will yield a cash savings of $13,292,326.
The Burleson ISD Board approved three related financial actions meant to manage district funds and debt.
First, on RFQ 2425-03 the board approved awarding investment management services to TCG Groupholdings; the services were described as execution of securities, investment advice and reporting. Second, the board approved a resolution authorizing participation in the Texas Cooperative Liquid Assets Securities System Trust (Texas CLASS), a local government investment pool governed by the Public Funds Investment Act (Section 2256.016). Third, the board approved a defeasance resolution using excess interest & sinking fund balance to defease portions of the Series 2016 Refunding Bonds and Series 2020 Taxable Refunding Bonds; the minutes state an anticipated cash savings of $13,292,326. All three motions passed unanimously.
Board members who moved and seconded those items were recorded in the minutes: Mr. Ryan Richardson moved approval of the investment management award (seconded by Mrs. Staci Eisner); Mrs. Dallas Owen moved participation in Texas CLASS (seconded by Mr. Michael Ancy); and Mr. Michael Ancy moved the defeasance resolution (seconded by Mrs. Staci Eisner). The minutes do not include details of contract terms, fee schedules, or the defeasance mechanics beyond the savings figure.
