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Smithville R‑II board authorizes going to market for general obligation bonds after levy transfer; advisers cite volatile muni market
Summary
The Smithville R‑II Board approved a resolution to take general obligation bonds to market and authorized related financing steps after the district's levy transfer passed. Bond advisers warned market volatility could change proceeds, and board members agreed to remain flexible on timing.
The Smithville R‑II Board of Education voted to authorize Raymond James to take the district's general obligation (GO) bonds to market and approved related financing steps after the district's levy-transfer measure passed.
Board members approved a resolution authorizing the district to market the bonds and to incur preliminary financing expenses that may be reimbursed from bond proceeds. Dr. Wright of Raymond James, the district's financing adviser, told the board the municipal market is "extremely turbulent right now," and that recent swings in rates have reduced the project fund compared with December estimates. "If I were pricing today, you would have a project probably about $1,200,000 less than what I showed you in December," he said.
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