Transaction Details

Clark-Edgar Rural Water District

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Baird served as placement agent to the District on its $1,995,000 Waterworks Refunding Revenue Bonds, Series 2022.

As placement agent, Baird negotiated the terms and interest rate level with a local banking relationship that purchased the bonds. We proposed an accelerated amortization of the refunding bonds to achieve overall level annual coverage to avoid budgetary fluctuations in future years. We also identified an excess of $550,000 in the debt service reserve account which was released to the Surplus Fund to be used for capital projects.

From the refunding, the District generated $375,340 in gross debt service savings and $261,678 in present value savings or 12.89% of the refunded par.