Transaction Details

Richton Park Public Library District

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Baird served as placement agent on the District’s $3,425,000 General Obligation Refunding Bonds, Series 2022. The Bonds refunded the District’s outstanding General Obligation Library Bonds, Series 2013 for debt service savings. The 2013 Bonds could not be refunded at tax-exempt rates until 90-days prior to the December 15, 2022 call date with a delivery in September 2022.

Baird was able to lock in a tax-exempt rate on April 20th and deliver the refunding bonds five months later in September 2022 to eliminate market risk. We received two bank bids that offered a five-month forward delivery. We achieved an all-in true interest cost of 2.88% which was 1.00% lower than what we believe could have been achieved in the current public market. The refunding generated $299,547 in gross debt service savings and $263,409 in present value savings or 7.84% of the refunded par.