Perry County 32 board hires Raymond James for financial planning and bond underwriting

The Perry County 32 School District board voted to retain Raymond James Public Finance to provide financial planning and bond underwriting services after hearing presentations from three firms that outlined options for refinancing existing certificates of participation and for possible future bond issues.

Board member Dominic Blythe moved to approve Raymond James’ proposal; the motion was seconded and carried by voice vote. The board’s decision followed hour-long presentations from LJ Hart and Company, Raymond James, and Stifel, which each reviewed the district’s outstanding debt, call features and approaches to community engagement.

Why it mattered: The district has roughly $20.3 million of outstanding lease/COP obligations across issues from 2019, 2020 and 2022, and several series become callable in April 2025, creating options to refinance or to restructure debt. Presenters emphasized the trade-offs between lease/COP financings and general-obligation (GO) bonds: shorter call features (5–7 years) can offer greater flexibility but typically lower upfront proceeds than longer call periods; longer call features and premium pricing can raise project proceeds now but change future refunding dynamics.

What presenters said: LJ Hart representatives reviewed the district’s financing history and noted the district’s 2017 operating-levy strategy generated funding that supported $25 million in projects; they highlighted that a 2022 refinancing of 2018 certificates produced about $1.38 million in interest savings. Raymond James framed its pitch around national distribution strength and retail investor reach in Missouri, saying local retail demand and market capitalization can increase proceeds or lower true interest cost. Stifel emphasized its institutional and local retail sales force and gave detailed examples of how local investor outreach can move yields.

Board concerns and follow-up: Members pressed firms on call features, the economics of switching COPs to GO bonds, timing and the district’s long-range capital plan. Superintendent Dr. Jones asked for a structured, multi-month planning process that includes facility assessment, long-range financing options and community engagement before any ballot measure is pursued. Several board members said they expect the selected firm to provide boots-on-the-ground support and regular updates; the board will monitor the firm’s work and may revisit the relationship if it does not meet expectations.

The vote and next steps: The board approved the engagement of Raymond James for financial planning and underwriting work. Staff and the new underwriter are expected to collaborate on a long-range plan, detailed modeling of call/refinancing options and an outreach strategy to explain trade-offs to voters and the community. The board adjourned following the vote.