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IVCCD reissues dormitory bonds to save $435,000

The Iowa Valley Community College District Board of Directors took final action to refinance outstanding 2010 dormitory revenue bonds in an amount not to exceed $3.992 million when it met this afternoon. Bankers Trust Company of Des Moines was named the paying agent, bond registrar and transfer agent for the project.

The Board approved a tax exemption certificate for the project, and then authorized the issuance and securing payment of $3,992,000 dormitory revenue refunding bonds and providing for a method of payment of the bonds.

The refinancing of the dormitory revenue bonds, which mature in 2030, will save the District more than $435,000 over the remaining life of the bonds with a lower interest rate. The refinancing will also move the bond maturity date from 2030 to 2029.

The next regular meeting of the IVCCD Board will be on Wednesday, July 11, at 4 pm at the IVCCD District Administration building, 3702 S. Center St., Marshalltown.

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