Course Details: To Refund or Not to Refund, That is the Question
Target Audiences: School Districts
Category: Public Finance
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 largely handled 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.
Mr. Cashell is a Managing Director in the Cincinnati, Ohio Municipal Finance office of RBC Capital Markets and manages Public Finance for Ohio.
Mr. Cashell joined RBC Capital Markets in 2002 after serving as Chief Operating Officer/Chief Information Officer for Cincinnati Public Schools. As COO/CIO, Mr. Cashell oversaw all non-instructional areas for the district. Prior to coming to Cincinnati, Mr. Cashell 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. In the latter role, Mr. Cashell acted as the Chief Financial Officer for the State Department of Education.
Mr. Cashell specializes in education and local government transactions including tax increment financing (TIF). Mr. Cashell also administers several large structured pooled financing programs in the State of Ohio.
Mr. Cashell currently holds Series 7, Series 63, Series 53, Series 24 and Series 50 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.
Mr. Laskey is a Vice President in the Cincinnati, Ohio Municipal Finance office of RBC Capital Markets.
Mr. Laskey joined RBC Capital Markets in 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.
Mr. Laskey serves as the Treasurer of the Board of Trustees for Clovernook Center for the Blind and Visually Impaired, a nonprofit headquartered in Cincinnati, Ohio.
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.