MRH School District Saves Taxpayers Over $101,000 through Bond Refinancing
The Maplewood Richmond Heights School District originally issued $6,264,582 in General Obligation Bonds in 2005 to fund voter-approved District improvements. On December 20, 2012 the Board of Education unanimously voted to issue “refunding bonds” for the purpose of refunding all or a portion of the outstanding Series 2005 Bonds maturing in 2017 or after in the aggregate principal amount of $3,050,000.
On January 17, 2013 the $3,050,000 in refunding bonds were sold through Stifel Nicolaus & Company and with the counsel of Gilmore & Bell, P.C. Results of the sale will give the MRH School District $101,377 in cumulative savings (nearly $14,482 in average annual cash-flow savings). Demand for the bonds, rated AA-, was very good as there were up to two times more orders than bonds available. The majority of bonds purchasers were small Midwestern banks.
“The Board of Education and our entire staff know the immense responsibility we have to closely monitor our budget and provide our students the highest-quality education we can give,” said MRH Superintendent Karen I. Hall. “We are always looking for ways to achieve cost savings and be even better stewards of the resources the community has generously provided the MRH School District.”