District to consider parameters resolution to refinance 2016 bonds and capture roughly $800,000 in present-value savings

Matt Dugdale of Siebel presented a bond-refunding analysis to the board, describing an opportunity to refinance bonds issued in 2016 that originally had a 20-year term and now have about 10 years remaining.

Dugdale said refinancing at prevailing tax-exempt rates could yield meaningful savings. "We're estimating that the district can save north of $800,000 on a present value basis," he told the board, and noted that on a gross (non-present-valued) basis the annual savings could appear as roughly $100,000 per year through 2035 in the illustration he provided.

He explained that market volatility affects timing and that the board’s next step, if it wishes to proceed, is a statutory parameters resolution that authorizes the finance team to pursue refunding within set limits. Dugdale said staff will monitor interest-rate movements and recommend a timing that maximizes taxpayer savings.

Board members asked about the advisers' prior experience and recent refunding history; Dugdale cited past refundings in 2021 and 2022 and commended the board's conservative debt management. No formal vote was taken at the meeting; Dugdale said the parameters resolution would be presented for board action at a future meeting if the board agrees to proceed.