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Board approves sale of $25 million in general-obligation bonds
Summary
The Saint Louis Public Schools Board voted to authorize the sale of $25,000,000 in general‑obligation bonds after hearing that the offering was oversubscribed and produced a low true interest cost.
The Saint Louis Public Schools Board of Education on March 11 approved a resolution authorizing the sale of $25,000,000 in general‑obligation bonds that were placed on the market the same day.
Bond counsel Sean Flynn of Gilmore & Bell told the board that underwriter Stifel received orders of more than $75,000,000 for the bonds, making the offering roughly three times oversubscribed and allowing the district to lower borrowing costs. Flynn said the bonds produced a true interest…
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