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District to pay arbitrage liability as 2020 bond closes; investments to be reinvested at higher rates
Summary
Staff presented a 2020 bond closeout report and an arbitrage liability payment figure from outside counsel and described reinvestment of proceeds into higher-yield treasuries; several short-term bond proceeds will be laddered to maintain liquidity and yield.
Lee's Summit School District staff presented a 2020 bond closeout report and disclosed an arbitrage liability payment that must be remitted to the IRS, and discussed reinvestment strategy for bond proceeds and other district investments.
Dr. Herzog explained that the closeout package — prepared by bond counsel Gilmore & Bell — lists project expenditures for transparency, and…
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