JOPLIN, Mo. —
The Joplin School District on Tuesday sold $35 million worth of the bonds that voters in April authorized toward reconstruction projects made necessary by the 2011 tornado.
The sale took less than an hour and a half, to some degree spirited by the financial woes in Europe, according to an officer with the district’s bonding company.
“I was really surprised to hear they sold in less than 90 minutes,” school board President Randy Steele said during a board meeting Tuesday night. “That just shows you the strong community that we have and that people are still feeling strongly about Joplin schools, and we’re just moving forward even faster.”
Gregory Bricker, executive vice president of George K. Baum & Co., an investment banking company in Kansas City, told the board that weak economies in Europe, and the financial struggles in Greece and Spain, positively influenced the bond sale for the local district.
“Right now, the events in Europe are causing the bonds that have been issued in countries overseas to be viewed as more risky,” he said.
The single largest buyer of the local bonds, in the multimillions, was State Farm Insurance, Bricker said. His company also worked with three local firms to sell some of the bonds. About $1.5 million in bonds were sold locally.
The district will sell the rest of the $62 million in bonds later in the rebuilding schedule. In approving the bond issue, voters authorized a 35-cent tax hike to pay off the debt over 20 years.
The school district’s total levy was $3.31 per $100 of assessed valuation, which meant the owner of a $100,000 home paid about $630 in annual school taxes. Adding the 35 cents will push the total levy to $3.66, and the cost to that same homeowner will be about $695 annually — an increase of about $65.
“It’s going to be my strong recommendation to see that 35-cent levy stay in place probably at least three to four years as we see the assessed valuation stabilize (in the wake of the tornado) and continue to trend up,” Bricker said.
Bricker told the board that the bond closing, at which the district will receive the $35 million, is scheduled for Aug. 9. The remaining $27 million in bonds will be sold in the spring of 2013. By waiting until then, the district will save on months of interest, said Paul Barr, chief financial officer for the district.
“We’re very happy with the bond sale, and it’s going to provide the funds necessary to complete the building projects,” Barr said. “The interest rate (3.573 percent) is in our budget, and the 35 cents we’ve set aside to pay for this 20-year bond issue will work.”
The board also heard updates on the construction of the new schools by Archie Smith of Universal Construction, which is managing the overall projects.
At East Middle School, work is a few weeks ahead of schedule. At Joplin High School, demolition is complete with the exception of parking lots, the baseball field and the closed streets.
Bids
THE JOPLIN SCHOOL BOARD will vote on several construction bid packages at its next meeting, which will be in August.
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