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Announcing Upcoming Bond Offering

Announcing Upcoming Bond Offering
Posted on 12/03/2020
Jefferson County School District No. R-1 (Jeffco Public Schools) announced that it will issue $240.51* million of federal and Colorado state tax-exempt bonds (“Series 2020A”) and $38.93* million of Colorado state tax-exempt bonds (“Series 2020B”). Series 2020A bonds will be used to finance school facilities as part of the district’s capital improvement plan. The Series 2020A bonds will be the balance of $567 million general obligation bonds authorized pursuant to an election held on November 6, 2018. Series 2020B bonds are being issued to refinance a prior bond to reduce interest cost. Baird is serving as senior managing underwriter for the offerings.
 
“We have planned for this bond issue as part of our overall debt portfolio to minimize the tax impact to Jeffco residents while also maximizing total bond proceeds available for school improvements throughout the District. Being able to reduce interest for district residents with the refinancing will further reduce the tax impact” said Nicole Stewart, Interim Chief Financial Officer for Jeffco Public Schools. “We think this is a very opportune time for us to sell the bonds given the currently historically low interest rates and favorable market conditions.”
 
Community residents and other interested investors will have the opportunity to purchase the bonds. The bonds carry “Aa2”/“AA” (Colorado State Intercept Program) and “Aa2”/“AA” (underlying) ratings respectively, by Moody’s and Standard & Poor’s. Series 2020A bonds will have maturities of 5 to 20 years and be sold in increments of $5,000. Series 2020B bonds will have maturities of 1 to 5 years.  The Series 2020A bonds will provide investors with a fixed-income security that maximizes after-tax income since the interest earned is exempt from federal and Colorado state income tax. Series 2020B bonds will provide investors with a fixed-income that is exempt from Colorado state income tax.

*Preliminary, subject to change.

Click the graphic below to enlarge.

graphic of bond issuance details

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