PULLMAN, WA | APRIL 4, 2023
PRESS RELEASE: BOND SALE REPORT | UTGO REFUNDING BONDS, 2023
D.A. Davidson & Co. was selected by the Pullman School District (“the “District”) to serve as underwriter for its Unlimited Tax General Obligation Refunding Bonds, 2023 (the “Bonds”) to refinance the callable maturities of the District’s original Unlimited Tax General Obligation Bonds, 2013 issue.
The District took advantage of favorable municipal bond market conditions and was able to secure debt service savings to its taxpayers of $3,516,021 over the remaining life of the bonds (through December 1, 2032) at a True Interest Cost of 2.46%. The par amount of the Bonds was $35,555,000 and the net present value debt service savings was $3,053,545, representing 7.75% of the refunded bonds, far exceeding the School Board’s savings target.
This has been the first opportunity to compete a tax-exempt refunding for the district’s 2013 UTGO bonds.
We would like to extend our congratulations to the District and its taxpayers for securing such outstanding results with the Unlimited Tax General Obligation Refunding Bonds.
Thank you to the dedication and work of Superintendent Dr. Robert Maxwell and Finance Director Diane Hodge for their significant contributions in this successful transaction and strong financial stewardship on behalf of their taxpayers.
It has been a pleasure working with the District on this bond issue.
Sincerely,
Cory Plager
Managing Director
D.A. Davidson & Co.