Drexel R-IV School District approves General Obligation Bond, net savings nearly $64,000

At a regular meeting of the Drexel R-IV School District Board of Education on March 11, 2009, a refunding bond resolution was approved by a unanimous vote. It authorized the sale of $1,280,000 General Obligation Refunding Bonds at an average interest rate of about 2.95 %, compared to combined average interest rate of 4.08 % for the Series 1998 and the Series 2004 Bonds. The District reduces the future interest expense by about $63,769, keeps total annual payments about the same as they are now, but without increasing the 90 cent debt service fund levy. This $63,769 plus the approximate savings of $290,779 from the Series 1998 refunding means that the District has saved about $354,548 of interest expense on the original Series 1996 $1,100,000 Bond issue and the original Series 2004 $1,300,000 Bond issue without significantly increasing the payments each year. The Superintendent of Schools, Dr. Judy A. Stivers, expressed enthusiasm and support for...
Read the complete story in the March 19th print edition.