$4,544,000 Taxable Pension Obligation Bond, June 2020
Kosmont Transactions Services (“KTS”) served as Municipal Advisor to the Kensington Police Protection and Community Services District for its successful issuance of a $4,544,000 Taxable Pension Obligation Bond in June 2020. The District had a substantial Unfunded Accrued Liability (UAL) with the California Public Employees’ Retirement System that was being repaid at a rate of 7%. KTS identified a private-placement partner that offered an excellent interest rate of 3.85%, enabling the District to refinance its pension debt with minimal transaction costs. The refinancing of its pension debt significantly lowered the District’s future pension payment obligations by over $1.8 million.