Voters in the Dunklin R-5 School District passed Proposition S in August 2018.
The Board of Education has approved the contractors for the new bus garage and the expansion of Pevely Elementary School.
The BOE approved Brockmiller Construction to build the new bus garage for the low bid of $1,495,000. The old garage is directly behind the elementary school where the storm shelter will be built. The new location will be off-campus and safer for students.
Pevely Elementary Bids – There were six contractors that bid on the project. Each submitted a base bid as well as the costs for several alternatives. The BOE approved the low bid from Layneco Construction. In addition to the storm shelter and expanded cafeteria, there will be an elevator added to the two-story wing. There will also be two classrooms added to the library wing of the building. The storm shelter will include 8 classrooms.
Construction Note: Bids came in higher than projected for these projects. Construction costs are up since the projects were planned in April of 2018. That led to the bus garage being redesigned to reduce the outlay. It also resulted in only building two additional classrooms to the library wing of the elementary school instead of four classrooms. This decision was not made lightly by the BOE, but ultimately they had to make some choices so the projects could move forward.
Below are pictures of the property for the new bus garage. It will be located behind the football field. Doe Run, the previous owner, has prepared the land by removing several inches of topsoil.
Dunklin R-5 Sells Bonds for Prop S Improvements
The Dunklin R-5 School District is another step closer to starting construction after passing a bond issue in August. Proposition S asked voters for approval to sell $6 million worth of bonds. That transaction took place yesterday October 25, 2018, in the Central Office. The District was able to secure a favorable interest rate of 3.47% and we were able to refinance some existing bonds to save the district an additional $211,000.
Dunklin R-5 Administration has been working with Piper Jaffray, the asset management firm, to secure six bids with True Interest Costs (TICs) ranging from 3.49% to 3.70%. The difference in net interest cost over the life of the financing between the best and worst bid was roughly $272,000. Our final interest rate of 3.47% was two basis points lower than the winning bid because of adjustments we made to the maturity layout. That is to say, some of the bonds will mature a bit sooner.
The refinancing of the Series 2009 A&B Bonds did not change the maturity date. The 10 years left on those bonds will remain the same, but the lower interest rate allows the district to save $211,363.
This is an exciting time to be a Blackcat. With the support of our community, we will be expanding our elementary school, building a storm shelter, getting rid of the classroom trailers and building a bus garage in a safer location. These improvements will support our overall mission of educating today for a better tomorrow.