Board approves parameters resolution for $50 million general obligation bond sale
Summary
The board approved a parameters resolution to issue up to $50 million in general obligation bonds, with pricing scheduled for March 26 and closing April 8; investment bankers said the district’s underlying rating was affirmed at AA‑.
The Ft. Zumwalt R‑II Board of Education approved a parameters resolution authorizing the district to proceed with a planned $50 million general obligation bond sale, with pricing set for March 26 and a projected closing on April 8.
Lorenzo Boyd, managing director of public finance at Stifel, told the board the district’s underlying rating was affirmed at double‑A minus after a recent review, and that the district intended to price the bonds on March 26. Boyd said the structure would be shorter than prior issues: district staff expect to retire the issue in roughly seven to eight years rather than the typical 20‑year schedule, allowing faster repayment of portions of the debt.
Bond counsel and transaction attorneys were on hand to answer legal questions; Boyd said the district hoped for strong local investor demand and that a portion of the prior sale had been purchased by residents and institutions in St. Charles County.
A parameters resolution was moved by Doctor Merri and seconded by Mister Hawkins; the motion passed on a voice vote. District staff said final interest rates and the official pricing will be set on March 26 and that the board would receive closing documents at the April closing.
