Bond refinancing

The Avonworth School Board is anticipating refinancing the district’s Series 2013 bonds.

During Monday night’s work session, bond counsel Chris Brewer as well as PNC underwriter Tony Misiti, of Dinsmore & Shohl, LLP provided information on how the markets have behaved in 2018 and offered predictions concerning future movements up and down.

“Everything is on track for refinancing,” they reported. The savings are expected to be approximately 7 percent, netting the district well over $600,000.

The board is expected to pass a resolution at next week’s Oct. 8 meeting authorizing preparations to begin for the refinancing. The commitment decision would not be made until November, with Dec. 18 being the earliest close day for the transaction.

Should the district refinance, the board will have several options concerning how to receive the gained funds. Choices include receiving equal increments each year to 2035, receiving the savings during the closest years possible, or at closing, choosing to fund a specific project with a portion of the funds and receive the balance of the savings through later years.