By SUSAN RUMBLE

Special to The Press

Parkland School Board directors reached an agreement at their Oct. 18 meeting to refinance the district’s 2018 series bonds with a principal of $9,125,000.

Consultant Jens Damgaard, of Eckert Seamans Cherin and Mellott, reported the district should be able to save about $135,000 through the action.

He said the goal is to reduce the present rate of 3.75 percent to achieve a minimum 2.00 percent savings on the outstanding amount.

Parkland Director of Business Administration Leslie Frisbie said it will not be the million dollar savings experienced in some past refinancings, but it will nevertheless be a nice sum for the district to receive.

Frisbie said the financial team will employ a “dual track” approach this time, which is slightly different from previous refinancing procedures.

The district will solicit a bank loan Request for Proposal from local, regional and national financial institutions, then compare results with the bond market.

When information is obtained, PFM Financial Advisors will meet with district representatives to discuss how to move forward with the refinancing based on interest rates, conditions and terms associated with the bond.

Although the savings is projected to stretch out to 2035, the greatest yield is forecast for June 30, 2023, at $126,866.

The timeline lists receipt of proposal in November and settlement in December.