To Refund or Not Refund, that is the Question (CPIM Approved)

Recorded On: 04/28/2021

Registration Closed

Fees: $55 (Non-Member) / $30 (Member)

School district treasurers are often confronted with the opportunity of refunding an existing prior bond issue. Often the decision making process involved in deciding if the time is right to take this action is guided by industry professionals. While this is appropriate, the more informed a treasurer can be about the various tools and techniques that are used to evaluate a refunding, the better that treasurer can represent their constituents.

This session will cover various methods for examining the refunding option. Included will be a discussion of net present value savings, opportunity cost index, option value, and negative arbitrage. The session will also discuss alternative payment structures that may be created through the refunding option.

The treasurer should come out of the session with a deep understanding of not only how a refunding works, but also how to evaluate a refunding for efficiency and timing. The treasurer will be armed with a much greater skill set around this topic and will be in a position to insure that industry professionals are providing a full and thorough analysis before proceeding with a refunding bond issue.

Kent Cashell

Managing Director, RBC Capital Markets

Kent joined RBC Capital Markets in 2002 after serving as the Chief Operating Officer for Cincinnati Public Schools. Prior to coming to Cincinnati, Kent served for nine years in finance, policy and administrative positions in Delaware state government. His last position there was Associate Secretary of Education for Finance, Policy and Administrative Services.

Kent specializes in education and local government transactions including tax increment financing (TIF). He also administers several large structured pooled financing programs in the State of Ohio.

Kent currently holds Series 7, Series 24, Series 50, Series 53, Series 54 and Series 63 licenses. Mr. Cashell holds Bachelor of Science and Master of Science degrees in Economics from the University of Delaware, specializing in mathematical economics and econometrics.

Andrew Laskey

Vice President, Public Finance, RBC Capital Markets

Mr. Laskey is a Director in the Cincinnati, Ohio Municipal Finance office of RBC Capital Markets.

Mr. Laskey has worked at RBC Capital Markets since July of 2006. Andrew has worked with hundreds of local governmental entities throughout Ohio on debt offerings including school districts, cities, counties, townships as well as the State of Ohio. Additionally, Andrew has presented at numerous conferences on a variety of topics related to municipal bond issues and the bond underwriting process.

Andrew currently serves on the Board of Trustees for the Ohio Municipal Advisory Council, a repository of statistical information relating to Ohio municipal issuers and their securities. Mr. Laskey formerly served on the Board of Trustees for Clovernook Center for the Blind in Cincinnati.

Mr. Laskey attended the University of Cincinnati and graduated Magna Cum Laude from the Honors-PLUS business program. Mr. Laskey is a Registered Securities Representative, registered with the NASD and SEC