Voters in the Dunklin R-5 School District passed Proposition S in August, 2018.
The Board of Education has given approval to move forward with the sale of bonds.
Administrators have met with the architect since the election and detailed plans for the construction are being drafted. They have to be completed before the end of 2018 to meet the requirments of the grant.
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.