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Silver Schools closes $7 million bond sale; mill levy set to reach 10 mills
Summary
The district closed its first bond issuance under the new authorization, selling $7 million in bonds with a 20-year maturity and a true interest cost of 4.3%. The district expects the mill levy to be set at 10 mills when the increase appears on tax bills.
Mark Valenzuela, the district’s bond advisor, told the Silver Consolidated Schools Board of Education on Jan. 20 that the district has closed the first bond issuance authorized by voters. “We have met those goals with this first issuance,” Valenzuela said, reporting a $7,000,000 sale priced to a 20-year final maturity and a true interest cost of 4.3 percent.
Valenzuela said the sale was completed in a difficult market day for municipal debt and that the district’s enhanced state rating and the underwriter’s work helped secure the financing. Hilltop Securities acted as underwriter through a competitive RFP; Valenzuela said…
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