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Comal ISD board authorizes bond refunding, projects about $18M in debt-service savings
Summary
Trustees approved an authorization to refund callable Series 2016 and 2017 school building bonds (maximum principal $210.6M), with estimated total debt service savings of more than $18 million and an effective interest rate projection of about 3.66%.
The Comal ISD Board authorized officials on Sept. 25 to proceed with a bond refunding order that would allow refinancing of callable Series 2016 and 2017 school building bonds. CFO Larry Guerra and Duane Westerman of Samco Capital told trustees the refunding could deliver estimated total debt service savings exceeding $18 million and a projected effective interest rate of 3.66% compared with 4.67% on the outstanding bonds.
The authorization sets parameters for issuance: maximum principal amount $210,600,000; maximum maturity Feb. 1, 2042; maximum allowable interest rate 5.5%; and a minimum required present value savings of 3% (currently projected at about 6%). The board approved the authorization on a motion by David Krawczynski, seconded by Amanda Shaw [Amy Shaw]. Vote: For 7, Against 0.
Board members emphasized the importance of debt management as student growth continues and thanked the finance team for identifying savings opportunities.
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