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
    Football Tigers defeat Fox 21-14
    Oakville's first win of season a confidence-builder
    Sep 17 2014
    The Oakville Senior High School varsity football team got a much-needed victory Friday night, defeating Fox 21-14....
    Panthers roll over Seckman 33-9
    First win of season gives Mehlville some momentum
    Sep 17 2014
    The Mehlville Senior High School varsity football team started the 2013 season exactly the same way as the 2014 season is unfolding....
    School News
    Field hockey program a real success story
    Willie tapped as head coach of Oakville field hockey team
    Sep 17 2014
    After being cut from the soccer team 13 years ago, Oakville High School freshman Carrie Lampe decided if she couldn’t play that sport, she would find one of her own — field hockey....
    Impact News
    Local meeting guide 2014
    Jan 08 2014
    Flyers soar over Mehlville 30-7
    Panthers continue quest for first win of season
    Sep 10 2014
    After playing just two and a half minutes Friday in a game that was delayed because of a lightning storm, the Lindbergh and Mehlville high school football teams resumed their game Monday night at Flyers ...
Site Search

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