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

Refinancing of bond-like certificates to save Mehlville about $878,000


Closing on COPs refinancing will be conducted March 20


Gloria Lloyd
Staff Reporter
February 26, 2014 - The Mehlville Board of Education voted unanimously last week to refinance $9.8 million in bond-like certificates, for an interest savings of an estimated $878,000.

"This is not an extension of any of these bonds. It's the same maturity dates," board President Mark Stoner said at the Feb. 20 meeting. "It's purely for the savings via the interest rates."

The refinancing was the first of three that Chief Financial Officer Marshall Crutcher is recommending the Board of Education approve this spring, and will decrease the interest rate on the certificates of participation, or COPs, to 2.27 percent rather than the current average interest rate of 4 percent.

L.J. Hart & Co. is serving as the district's underwriter for the refinancing.

"It's just like refinancing your home mortgage," Crutcher said. "When you refinance with lower interest rates, you save money."

The savings will run from 2015 through 2021, according to information Crutcher provided to the board.

The closing for the refinancing of the COPs, which were issued in 2010, is scheduled for March 20. L.J. Hart served as the underwriter for the issuance of the 2010 COPs, which were made callable in three years with no penalty.


Tags: Mehlville School District News


  • Related Editorial
    Sports
    Panthers set to tackle Pattonville Friday night
    Mehlville looks for first win after falling to Francis Howell
    Aug 24 2016
    The Mehlville High School varsity football team will tackle Pattonville at 7 p.m. Friday at home, 3200 Lemay Ferry Road....
    School News
    Mehlville students return to school
    Aug 24 2016
    To the delight of many parents, Mehlville School District students returned to school Aug. 17. Returning students enjoyed many back-to-school activities, including Nevaeh Brannum, above, who attends Bierbaum ...
    Impact News
    Local meeting guide 2016
    Jan 08 2014
    Impact News
    Mehlville officials look to improve block scheduling, not eliminate it
    Last of two parts: Team’s presentation draws over 60 residents, students
    Aug 24 2016
    Last of two parts: A committee of students, parents, teachers and administrators from Oakville and Mehlville high schools is set to consider changes to block scheduling, but Mehlville School District ...
    Impact News
    Council could soon eye final vote on apartment complex
    Citizen didn’t know O’Leary would be ‘Stenger’s lapdog’
    Aug 24 2016
    After a week on hold, an apartment complex that thousands of south county residents say will permanently change their quiet Concord neighborhood could be headed to a final vote by the County Council next ...
  • Icing Cafe
Site Search


Weather
Type in your zip code and click "Go" to get your 7-day forecast.
Visit www.crh.noaa.gov