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Because the escrow account can only earn the low refunding bond rate, but must pay the high refunded bond rate, the escrow account requires more funds, resulting in a higher issue size, further resulting in a lower savings level.
The certificate proceeds will be used to fund various capital projects and expenditures, while the refunding bond proceeds will refund a portion of the city's outstanding debt.
Request for Proposal: Water and sewer refunding bond, series 2015 (series 2005) non-bank qualified loan
Release date- 22082019 - Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Stable Outlook to the Metropolitan Transit Authority of Harris County, Texas (the 'Authority') Sales and Use Tax Refunding Bonds Series 2019A and Taxable Series 2019B.
--$36.5 million Michigan Finance Authority hospital revenue and refunding bonds, series 2013A;
This rating resulted in low interest rates during the sale of $1.39 billion in bonds, which includes $349 million of refunding bonds to refund previously issued bonds and achieve total debt service savings of $43.8 million.
The city issued Series 2015 General Obligation Refunding Bonds at lower interest rates to retire the outstanding Series 2007 General Obligation Bonds with higher rates--3.14 percent versus 4.8 percent.
The first is for the issuance of refunding bonds, not to exceed $7.5 million, which will cover debts already on the books for the sales tax, currently set to expire in 2022.
The sale consists of USD$371.1 million of refunding bonds subject to the alternative minimum tax (AMT) and USD$133.6 million non-AMT refunding bonds structured with serial maturities from 2014 through 2034, the POS said.
Meanwhile, Bank of America Merrill Lynch (NYSE: BAC) has won USD441m in refunding bonds, for which the State will use the proceeds to refund certain previously issued general obligation bonds.
S&P also gave its A+ long-term rating to the city's USD788.595m (EUR564.811m) series 2010A GO refunding bonds, series 2010B GO taxable project bonds, and series 2010C GO taxable project and refunding bonds.
However, this tax increase will not cover any taxable property located in the "dissolved school district." Other conditions provide that the net interest rate, maturity date, and "tax levy" of the refunding bonds cannot exceed that of the refunded bonds.