Springfield R‑XII board approves $30 million bond sale after favorable market pricing

The Springfield Public Schools Board of Education voted unanimously to approve a resolution authorizing the sale of $30,000,000 in general obligation school building bonds, Series 2025.

Piper Sandler representative Dr. Blevins told the board the bonds were priced in a favorable market, producing lower yields than anticipated and enabling additional proceeds for the district’s construction fund. “We priced $30,000,000 of par,” Blevins said, and later reported an overall true interest cost of about 3.65%. He described a 10‑year call provision that would allow the district to pursue current refunding to lower interest costs later in the bonds’ term.

Board members asked for clarification about premium versus par pricing and why proceeds exceeded the par amount. Blevins explained that investors sometimes pay a premium for bonds (above par), producing extra cash up front to fund contingencies or additional projects while keeping the district’s long‑term interest costs down.

The motion to adopt the bond resolution was moved by Board member Thomas Tate and received a second; the board voted 7–0 to approve the resolution. Hayden Crumpton, identified as special tax counsel with Gilmore & Bell, was on hand to answer questions about legal form and tax‑exempt protections.

The board’s action authorizes issuance and sale; specific timing and final pricing will follow the market and the district’s closing procedures. According to the presentation, the pricing environment on the day of sale resulted in investor demand that improved pricing on the long end of the issue, which Blevins said reduced the district’s yields and produced additional proceeds for construction and contingency needs.

Votes at a glance: the bond resolution passed unanimously (7–0).