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.