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GSL board approves bond sale for financing of building project

Submitted by admin on Wed, 06/10/2015 - 12:13pm
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The Glencoe-Silver Lake School Board approved the call for sale of bonds at a meeting Monday night after hearing a presentation from Ehlers Municipal Advisor Jeff Seeley. The bonds will be used for the building project that begins in spring of 2016.
The bonds will be sold through competitive public bid and marketed nationally. The project par amount, or face value, of the bond is $23,815,000. In the May 12 election voters authorized $24,190,000 worth of bonds. Seeley said this difference exists because he expects the bonds will  be sold on a premium bid. This means they will be sold for more money than they are listed so that the buyer can sell them on the retail market. Seeley said this lessens the amount of bonds needed.
The proceeds from the bonds can be invested and the district can make money off of them.
The interest on the bonds is expected to be 4.17 percent. The first interest payment will be due on Feb. 1, 2016 and will be paid from funds on hand in the district’s debt service fund. The debt service fund will be paid through property taxes. Interest payments will be made every six months.

For more, see the June 10 print edition of The Chronicle.