Bond Series: 2015 Series A and Series B
Closed: August 17, 2015
Bond Size: Series A - $7,040,000; Series B - $182,000
Credit Rating: Aa3, Moody’s Investors Services
Purchaser: Public Placement
Underwriter: Municipal Capital Markets Group
Interest Rate: Fixed Rate
Final Maturity: 2031
Purpose: The $7.04 million in 2015 Series A bonds will be used to: i) partially refund $6.37 million of the Pool’s 2008-A bonds; ii) refund $1.1 million in direct placed bank financing; iii) make $702,918 in real estate and building improvements; and iv) pay for issuance costs related to the financings.
The $182,000 in 2015 Series B bonds will be used to pay for issuance costs related to the financings.
Project Benefit: In addition to the acquisition of necessary capital assets, the refunding is expected to save CSAC $543,000 and NCSS $647,000, both on a present value basis.