Lindale Independent School District

The $25,395,000 Lindale Independent School District Unlimited Tax Refunding Bonds, Series 2018 was the first K-12 tax-exempt advanced refunding issuance after the Tax Cuts and Jobs Act of 2017 (“TCJA”) that eliminated the ability for municipalities to sell tax-exempt bonds to advance refund outstanding bond series.  After TCJA became law the Oppenheimer Texas Education Team worked with Orrick, Herrington & Sutcliff LLP to identify financing situations that would permit municipalities to refund outstanding debt greater than 90 days prior to the original call date.  It was determined that we could devise a financing structure that would permit the advance refinancing of the outstanding Series 2010 Build America Bonds for Lindale ISD. 

Oppenheimer led the underwriting syndicate into the market with very low interest rates to achieve a TIC of 3.40% on bonds through 2040 to produce $5.8 million in net present value savings.  Despite the “tight” pricing Oppenheimer led the team to generate over $59.6 million in total bond orders (2.3x subscribed).