Phone: (314) 843-0102
Fax: (314) 843-0508
flag image

Interest rate drops on Lindbergh COPs

District closed on purchase of property in late December

Mike Anthony
Executive Editor
February 06, 2013 - Lindbergh Schools received a better true interest cost than originally anticipated on $1.355 million in bond-like certificates issued last week by the Board of Education.

Board members voted unanimously Jan. 31 to approve a resolution authorizing the issuance of the certificates of participation, or COPs, that carried a true interest cost of 2.792302 percent.

The school board voted Jan. 8 to select Stifel Nicolaus & Co. of St. Louis as the underwriter for the COPs.

At that time, the true interest cost was projected at 2.800687 percent.

The $1.355 million in COPs will reimburse the school district for its purchase of 4.684 acres adjacent to Long Elementary School, 9021 Sappington Road, and fund improvements to the property.

As first reported by the Call, the Board of Education voted in October to purchase the property and closed on the sale in late December.

The district paid $850,000 for the property, which was sold by Richard and Dorothy Abeln, who have lived in the district for 57 years.

The property will be used for a parking lot, field space and to alleviate traffic problems.

The COPs will be repaid over a 20-year period. Annual payments will range from about $86,500 to nearly $91,500 over 20 years, with the average annual payment being slightly less than $89,000, according to Chief Financial Officer Charles Triplett.

With interest, a total of $1,779,250.42 will be paid over the 20 years.

Tags: Lindbergh Schools News

  • Related Editorial
    Our Town
    Cochran named new Lindbergh High principal
    Lindbergh veteran a 2011 finalist for state Teacher of the Year
    Feb 25 2015
    A Lindbergh veteran, nationally recognized educator and 2011 finalist for Missouri Teacher of the Year has been selected to be the next principal of Lindbergh High School....
    School News
    Lindbergh board OKs work at high school
    Feb 25 2015
    The Lindbergh Board of Education recently voted to award a roughly $3 million contract to Orf Construction for improvements at Lindbergh High School....
    Luczak returns to LHS as athletics director
    Feb 25 2015
    Former Lindbergh High School student-athlete Scott Luczak is coming home. The school’s new athletics director has lifelong ties to the Flyers family, including a successful high school career in soccer, ...
    School News
    LHS Players to present ‘Sweeney Todd’
    Feb 25 2015
    Lindbergh High School students will perform the high school edition of the Tony Award-winning musical ‘Sweeney Todd’ at 7 p.m. today, Feb. 26, and Friday, Feb. 27, in the school auditorium, 5000 S. Lindbergh ...
    Impact News
    Local meeting guide 2015
    Jan 08 2014
Site Search

Type in your zip code and click "Go" to get your 7-day forecast.