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Finance Director asks board to authorize Stifel to prepare sale of remaining Prop S bonds
Summary
The district’s executive director of finance briefed the board on the remaining $25 million of Prop S general obligation bonds and said the board would be asked in March to approve documents for sale; she noted $135 million of the $160 million authorized in 2022 was already issued.
St. Louis Public Schools Executive Director of Finance Stephanie Terry told the board on Jan. 13 that voters approved $160 million in Prop S general obligation bonds in August 2022 and that the district previously issued $135 million of that authorization. Terry recommended the board authorize the district’s financial advisor, Stifel, to go to market to prepare the remaining $25 million authorization for potential sale.
“For the bond issuance in August of 2022, the voters of the District approved the issuance of $160,000,000 for Prop S in general obligation bonds,” Terry told the board, noting the $135 million issued in April 2023 and the $25 million remaining. She outlined next steps: a resolution to proceed that will be presented to the board, a March update from Stifel’s managing director, and a request that the board approve bond-purchase documents and closing paperwork ahead of a March distribution of proceeds if the board decides to proceed.
Board members clarified the item on the meeting consent agenda would authorize Stifel to begin preparations to go to market; Terry confirmed a March presentation would return to the board with documents for signature and sale. A board member asked where the public can find details about Prop S spending; Terry said a Prop S dashboard with completed and ongoing projects is available on the district’s website and staff can pull reports of completed and ongoing work.
Ending: The board did not take final action to sell bonds at the meeting; staff said they will bring a resolution to proceed and the bond documents to the board in March for approval if the board chooses to move forward.
