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Meeting Date:
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8/25/2022 - 6:00 PM
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Category:
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Consideration and Possible Action Item (s)
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Type:
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Action
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Subject:
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Consideration and Approval of a Resolution Calling a Portion of Crowley Independent School District’s Outstanding Unlimited Tax Bonds for Redemption Prior to Maturity
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District Goals:
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Goal 1 Thriving Students Goal 2 Engaged Community Goal 3 Empowered Staff
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Enclosure
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File Attachment:
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Summary:
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CISD has an opportunity to save taxpayer dollars by bond redemption and bond defeasance.
Bond redemption: Bond principal in future years that is callable is paid off on or after the call date.
Bond defeasance: Bond principal in future years that is not yet callable is paid off by funding an interest bearing escrow account that will pay off the bond principal on the future call date.
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Budgetary Impact:
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Cash redemption of Principal ($6,175,000) from Series 2010, 2013 & 2018 bond issues will save our taxpayers $1,597,775.
Cash defeasance of Principal (3,730,000) from Series 2014B bond issue will save our taxpayers $445,378.
During the last 10 years, with the assistance of Hilltop Securities and McCall, Parkhurst and Horton, CISD has saved more than $79,000,000 for our tax payers.
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Recommendation:
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Recommend the adoption of the resolution as presented for calling a portion of Crowley Independent School District’s outstanding unlimited tax bonds for redemption prior to maturity.
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Approvals:
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Recommended By:
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Signed By:
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Stacey Adrian - Chief Financial Officer
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Signed By:
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Michael McFarland - Superintendent
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Vote Results:
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| Original Motion | | Member Nedra Robinson Moved, Member Gary Grassia seconded to approve the Original motion 'Recommend the adoption of the resolution as presented for calling a portion of Crowley Independent School District’s outstanding unlimited tax bonds for redemption prior to maturity.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | June Davis | Yes | | Mia Hall | Yes | | Gary Grassia | Yes | | LaTonya Mayfield | Yes | | Nedra Robinson | Yes | | Kelicia Stevenson | Yes | | Daryl Davis | Yes | |
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