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Winfield R-IV to begin bond sale process
Soon the Winfield School District will begin the process of selling their bonds thanks to a 6-0 vote by the board of education at their meeting Dec. 15 agreeing to the sale.
“This is an exciting time for us,” Superintendent Jim Chandler told the board. “As soon as we authorize the sale of these bonds, we are one step closer to being able to begin our projects.”
The projects Chandler referred to are possible because of the passage of Proposition KIDS last month. District patrons approved the $5 million, no tax increase proposition 700-147.
The proposition will allow the district to pay off their lease financings and free up $2,818,051 in the operating fund, and to repair and replace HVA systems in all district facilities; upgrade and replace outdated equipment to improve safety, security and technology in all district facilities.; develop an alternate busing and parking route at the Primary Building; resurface the high school parking lot; and other repair improvements to the existing facilities of the district.
Chandler said that district representatives will meet with the construction manager soon to set up a timeline of the various projects the district wishes to complete. Most of the projects will not be able to begin until next summer when school is out of session, but a few may be able to get started before then, he said.
“The ball is rolling now, thanks to the board’s vote,” Chandler said. “That was our first step, and now the process has officially begun. We’re excited, and thank the community for allowing us to make our schools better.”
Since the board’s vote, the district has instructed its municipal bond underwriter, L.J. Hart & Company of St. Louis, to make the $5 million general obligation bond issue available to local individual and institutional investors.
The board selected the negotiated sale of the bonds in order to capture current market conditions, to be certain that local individual investors and banks receive an opportunity to purchase the bonds, and because the proposed rates are fair based upon current conditions in the municipal bond market.
The bonds are scheduled to mature from March 1, 2014, through March 1, 2029, with interest rates expected to range from 1.75 to 4.30 percent. They are being sold on a first come, first served basis. Anyone interested in learning more about the Series 2010 bonds can call Mr. Chandler’s office at 636-668-8188 or L.J. Hart & Compant at 800-264-4477 to request that a prospectus be promptly mailed to them.