Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonds topic
No spam. Unsubscribe anytime.
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 cost of 3.119% and that the district’s underlying rating was affirmed at “double A minus.”
The bond sale is the remaining portion of voter‑authorized debt from the August 2022 ballot measure. Flynn said he had completed resolutions with the final interest rates and offered to distribute completed copies to board members after the meeting.
Board member Ben Conover moved the resolution and Secretary Jones seconded. After brief remarks thanking district finance staff and voters, the board voted in favor; the chair recorded the motion as approved.
Why it matters: The board’s action finalizes a $25 million borrowing that the district expects to use for projects authorized by voters in 2022. Flynn’s description of strong investor demand and the affirmed credit rating was presented as evidence the district obtained favorable financing terms.
Votes at a glance: Resolution approving the sale of $25,000,000 in general‑obligation bonds — Moved by Ben Conover; seconded by Secretary Jones; tally recorded as unanimous with the roll called and the chair announcing "Motion approved."
Board and staff comments praising the finance team and voters followed the vote. Flynn noted he had copies of a completed resolution with blanks filled and would give them to board signatories after the meeting.
Ending: The board signed the resolution and administrators said the district would circulate the finalized documents and proceed with next steps for closing the bond sale.
