An 11% tax rate increase for fiscal 2019 and the current bond refunding
provide for additional financial liquidity, but management will need to carefully manage its expectations for future state assistance and other non-tax revenues or risk widening of structural imbalance.
The Midpeninsula Regional Open Space District (Midpen) approached its recent bond refunding
as a unique opportunity to engage with its constituency and participate for the first time in the emerging green bond market--while capturing historically low interest rates to achieve maximum savings.
New for the fifth edition, all the cases have been updated, with new exhibits and contemporary subjects, two new cases have been added, giving students the opportunity to examine bond refunding
and revenue cycle management, and a new mini-case dealing with physician-owned distributors and potential ethical issues has been added as well.
After a municipal bond refunding
, the issuer uses the proceeds of the new issue to purchase highly rated collateral, such as U.S.
Oregon School Boards Association convention review; approve pension obligation bond refunding
; Veneta Elementary presentation; discuss Qualified School Construction Bond results; report on alternative education programs.
A municipal bond refunding
, like the offering for New York City, can be a complicated process, but it usually boils down to replacing higher interest rate (old) debt with lower interest rate (new) debt.
Kraus, "The Bond Refunding
Decision in an Efficient Market," Journal of Financial and Quantitative Analysis (December 1973), pp.
The series 2018 bond refunding
achieves stabilization of the city's annual debt service structure but at the cost of extending its debt maturities by two years to fiscal 2037 and a pro forma net present value cost of $7.5 million (about 3% of annual spending).
Establishing a steering committee with weekly meetings should be the standard approach for any bond refunding
, and this step is usually implemented in varying degrees.