QCDD Completes $18.5 Million Bond Refunding

Tim Cantwell, District Supervisor announced today that he with the unanimous consent of the remaining members of the QCCD Board (A special taxation district in the State of Florida) passed resolution #2021-02 for the Master and Supplemental Trust Indenture required under Florida Statutes, Chapter 190 to execute and close the funding for the new municipal bond issuance that will replace the Special Assessment Refunding Bonds issued Series 2015, Series 2018, and Series 2019 during its Public Hearing on January 14, 2021. 

Bond Par Amount: $18,110,000 - Average coupon: 1.940% -Bond Maturity Term: 15 Year. This new municipal bond issuance will replace three bonds at an average coupon rate of 3.95%. The refunding will bring a new PV savings of $2,431,256 to the district, which will be passed directly on to the taxpayers beginning in the 2021 tax year. The percentage savings of the refunded bonds will be 12.42%.

Special thanks to our investment bankers, MBS Capital Markets, Bond Counsel, Bryant, Miller and Olive, District counsel Wes Haber and Inframark, our management company for making this bond issuance happen quickly and efficiently. The new bond issuance was sent out to the public markets and ultimately was picked up as a private placement by BBVA Bank.

This news is yet another example of how sound business practices and hard work can benefit government and the taxpayers served by government.