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
    Football Flyers to tackle Tigers
    Lindbergh travels to Oakville for final regular-season game
    Oct 15 2014
    The Lindbergh High School varsity football team will tackle one of its biggest rivals tonight — Friday....
    School News
    Lindbergh High band finishes first at contest
    Oct 15 2014
    The Lindbergh High School Spirit of St. Louis Marching Band recently took top honors at the Lafayette High School band competition....
    Impact News
    Local meeting guide 2014
    Jan 08 2014
    Impact News
    Lindbergh officials eye constructing ECE Annex
    Early Childhood Education Annex would cost about $2.8 million, Board of Education told
    Oct 15 2014
    The Lindbergh Board of Education was scheduled earlier this week to consider authorizing administrators to move forward with plans to construct an Early Childhood Education Annex behind Truman Middle ...
    Football Flyers to face Wildcats Friday night
    Lindbergh earns second win with 14-0 defeat of Fox
    Oct 08 2014
    The Lindbergh High School varsity football team will face one of its toughest challenges of the season tonight — Friday — when it heads to Eureka to tackle the Wildcats....
Site Search

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