Proposition E Bond Sale Update
The Maplewood Richmond Heights School District successfully sold $28.5 million of General Obligation Improvement and Refunding Bonds and $2 million of Taxable General Obligation Bonds on August 11th.
The Board of Education was briefed on the bond sale by Stifel Public Finance Director Lorenzo Boyd during a special session. Mr. Boyd pointed out that the brokerage firm received $116 million of orders for a $30 million financing project, which will result in sweeping structural improvements at all MRH school buildings.
Additionally, Stifel reported that:
- It was able to refinance outstanding lease debt, freeing up $325,000 of revenue each year through 2027
- Since 2009, MRH has saved a total of over $3.9 million in interest savings by refinancing existing bonds for savings.
- The firm as able to refinance existing General Obligation Bonds for total savings of $102,000.,
- Stifel was able to maintain the District’s underlying rating of “AA-“ from Standard and Poor’s. Only 15 school districts in the state rated by S&P are rated higher than MRH.
You can watch the full Stifel presentation to the board by clicking here.
For more information, contact MRH School District at (314) 644-4400.