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On June 25, 2021, the District issued Certificates of Participation, Serie 2021A in the amount of

$67,410,000 plus a premium of $22,955,231 with a true interest cost of 4.23% to refund the Certificates of Participation, Series 2020B and associated swap with a true interest cost of 4.71%. The District deposited a principal payment of $265,000 and an interest payment of $887,997, both are recorded as a payment to escrow agent to be paid on August 1, 2021. The District also made a swap termination payment of $18,661,671. As a result of the refunding, the District recorded an economic gain (the difference between the present value of the debt services payments on the old and new debt) of $1,952,170 or 4.20% of the principal being refunded and the District’s total debt service decrease by $2,541,227. The refunding exceeds the Board’s policy savings benchmark of 3%. The liability of the refunded certificates and the derivative were removed from the District’s financial statements in the current year.